Africa calls on COP31 to boost adaptation finance
A large share of the money has previously come from aid budgets, and most wealthier countries have pledged little-to-no new climate finance from this year.
African nations are urging the COP31 climate summit, currently taking place in Turkey, to outline a plan for delivering on the previous commitment to triple adaptation finance. This crucial funding is needed to help countries cope with the increasing frequency and intensity of extreme weather events. Unfortunately, a significant portion of this financial assistance has historically been sourced from aid budgets, which have now hit their lowest point since 2014.
Moreover, many wealthy nations have shown little to no intention of providing additional climate finance for the year. The African Group of Negotiators emphasizes that addressing this problem is essential to achieving success in Antalya, as support for the continent's vulnerability has been "dwindling," according to the group's chairperson.
While tripling the financing would be a step in the right direction, it would still fall short of the mark. In 2024, the funds available for developing economies amounted to approximately $30 billion, a meager figure when compared to the $305 billion that the UN estimates is necessary annually from 2035. Although plans have been announced at COP31 to scale up successful adaptation projects and attract larger investments, these efforts cannot solely rely on voluntary contributions, as emphasized by Kenya's climate envoy.
Written by urgent.news from Semafor's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
