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Guterres: We need developed countries to double adaptation finance to at least $40 bn a year by 2025
“Climate catastrophe is hammering health, widening inequalities, harming sustainable development, and rocking the foundations of peace,” United Nations (UN) Secretary-General António Guterres said in a video message. “The vulnerable are hardest hit. And taxpayers are footing the bill. While the purveyors of all this destruction – particularly the fossil fuel industry – reap massive profits and subsidies.”
“We need developed countries to double adaptation finance to at least $40 billion a year by 2025 – an important step to closing the finance gap. We need to unlock a new climate finance goal at COP29,” he added.
International public adaptation finance flows to developing countries increased from $22 billion in 2021 to $28 billion in 2022: the largest absolute and relative year-on-year increase since the Paris Agreement. This reflects progress towards the Glasgow Climate Pact, which urged developed nations to at least double adaptation finance to developing countries from about $19 billion in 2019 by 2025. However, even achieving the Glasgow Climate Pact goal would only reduce the adaptation finance gap, which is estimated at $187-359 billion per year, by approximately 5 percent.
“Climate change is already devastating communities across the world, particularly the most poor and vulnerable. Raging storms are flattening homes, wildfires are wiping out forests, and land degradation and drought are degrading landscapes,” said Inger Andersen, Executive Director of UNEP. “People, their livelihoods and the nature upon which they depend are in real danger from the consequences of climate change. Without action, this is a preview of what our future holds and why there simply is no excuse for the world not to get serious about adaptation, now.”
As developing countries experience increasing loss and damage, they are already struggling with increasing debt burdens. Effective and adequate adaptation, incorporating fairness and equity, is thus more urgent than ever. The report calls for nations to step up ambitions by adopting a strong new collective quantified goal on climate finance at COP29 and including stronger adaptation components in their next round of climate pledges, or nationally determined contributions, due early next year ahead of COP30 in Belém, Brazil.
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