Africa to press for more adaptation finance at COP31
A large share of the money has previously come from aid budgets, which have fallen to their lowest level since 2014.
African nations are urging the COP31 climate summit in Turkey to outline how the global community will fulfill their commitment to triple adaptation finance, aimed at coping with the increasing impact of extreme weather events. A significant portion of this money has historically been sourced from aid budgets, which have plummeted to their lowest levels since 2014, and most affluent nations have offered little-to-no additional climate financing from this year.
The African Group of Negotiators emphasizes the criticality of tackling this matter, stating that support for the continent's vulnerabilities has "dwindled," according to the group's chairperson. However, even a tripling of financial support would still fall short of the mark: in 2024, the amount accessible for developing economies amounted to approximately $30 billion, which is considerably less than the $305 billion the UN estimates is required annually for adaptation efforts from 2035 onwards.
Although initiatives have been unveiled at COP31 to expand successful adaptation projects and attract larger investments, these efforts cannot rely solely on voluntary contributions, according to Kenya's climate envoy speaking to Semafor.
Written by urgent.news from Semafor's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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