Greenpeace urges COP31 action on $120 bln adaptation finance target
Greenpeace said developed countries must clarify how they will triple climate adaptation finance to at ...
Greenpeace urges COP31 action on $120 bln adaptation finance target
Greenpeace said developed countries must clarify how they will triple climate adaptation finance to at least $120 billion annually by 2035, under the Global Goal on Adaptation agreed at COP30, calling for stronger commitments at the upcoming COP31 climate talks.
The call comes as the UN Environment Program’s (UNEP) Adaptation Gap Report 2026 exposes a widening funding gap, with developing countries requiring $305 billion annually to meet their climate adaptation needs, a figure projected to rise to $420 billion by 2035, adjusted for inflation.
The report found that international public adaptation finance stood at $28.2 billion-$31.7 billion in 2024, marking an increase of just $1 billion year on year. Even tripling current flows by 2035 would cover only 20-29% of developing countries’ projected needs.
Greenpeace calls for grant-based funding:
Koaile Monaheng, Climate Finance Expert at Greenpeace International, said the widening gap leaves frontline communities, which have contributed least to global emissions, increasingly exposed to climate extremes with insufficient financial support.
She described adaptation as essential to human survival, dignity and climate justice, urging governments to scale up grant-based funding at COP31 and deliver on the commitment to at least triple adaptation finance by 2035.
Greenpeace is also calling on developed countries to announce ambitious multi-year climate finance commitments beyond 2025, reflecting their fair share of the $300 billion annual climate finance goal agreed at COP29 in Baku.
The organization stressed that adaptation funding should be delivered through grants and other non-debt-creating mechanisms rather than loans that could deepen the debt burden of vulnerable countries.
Greenpeace urges polluter taxation:
Monaheng also called on governments to make major polluters contribute to climate finance, proposing progressive environmental taxes on the profits of oil and gas companies as a source of additional public funding.
She said the proceeds should flow directly into public adaptation and multilateral funds, including the Fund for Responding to Loss and Damage.
The fund has received initial funding requests totaling $2.8 billion, far exceeding its available $342 million.
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