{"id":92531,"date":"2023-11-02T19:38:37","date_gmt":"2023-11-02T17:38:37","guid":{"rendered":"https:\/\/www.csregypt.com\/?p=92531"},"modified":"2023-11-02T19:38:37","modified_gmt":"2023-11-02T17:38:37","slug":"unep-report-adaptation-finance-gap-hit-194-366-bn-per-year-7-ways-to-increase-financing","status":"publish","type":"post","link":"https:\/\/csregypt.com\/en\/unep-report-adaptation-finance-gap-hit-194-366-bn-per-year-7-ways-to-increase-financing\/","title":{"rendered":"UNEP Report: Adaptation finance gap hit $194-366 bn per year..7 ways to increase financing"},"content":{"rendered":"

A new United Nations Environment Program (UNEP)<\/a> report has identified seven ways to increase adaptation financing as the current adaptation finance gap is now estimated to be $194-366 billion per year with the adaptation finance needs of developing countries are 10-18 times as big as international public finance flows \u2013 over 50 percent higher than the previous range estimate.<\/p>\n

Released ahead of the COP28 climate talks taking place in\u00a0Dubai, United Arab Emirates,\u00a0Adaptation Gap Report 2023: Underfinanced. Underprepared \u2013 Inadequate investment and planning on climate adaptation leaves world exposed<\/em><\/a>\u00a0 said progress on climate adaptation is slowing on all fronts when it should be accelerating to catch up with\u00a0rising climate change impacts and risks.<\/p>\n

After a major update over previous years, the report now finds that the\u00a0funds required for adaptation in developing countries are higher \u2013 estimated to be in a plausible central range of $215 billion to $387 billion per year this decade.<\/p>\n

The modeled costs of adaptation in developing countries are estimated at $215 billion per year this decade and are projected to rise significantly by 2050. The adaptation finance needed to implement domestic adaptation priorities, based on extrapolation of costed Nationally Determined Contributions and National Adaptation Plans to all developing countries, is estimated at $387 billion per year.<\/p>\n

Despite these needs, public\u00a0multilateral and bilateral adaptation finance flows to developing countries declined\u00a0by\u00a015 percent to $21 billion in 2021. This dip comes despite pledges made at COP26 in Glasgow to deliver around $40 billion per year in adaptation finance\u00a0support by 2025 and sets a worrying precedent.<\/p>\n

While five out of six countries have at least one national adaptation planning instrument, progress to reach full global coverage is slowing. And the number of adaptation actions supported through international climate funds has stagnated for the past decade.<\/p>\n

Studies indicate that every billion invested in adaptation against coastal flooding leads to a\u00a0$14 billion reduction in economic damages. Meanwhile,\u00a0$16 billion per year invested in agriculture would prevent approximately 78 million people from starving or chronic hunger because of climate impacts.<\/p>\n

However, neither the goal of doubling 2019 international finance flows to developing countries by 2025 nor a possible New Collective Quantified Goal for 2030 will significantly close the adaptation finance gap on their own and deliver such benefits.<\/p>\n

This report identifies seven ways to increasing financing, including through domestic expenditure and international and private sector finance. Additional avenues include remittances, increasing and tailoring finance to small and medium enterprises, implementation of Article 2.1(c) of the Paris Agreement on shifting finance flows towards low-carbon and climate resilient development pathways, and a reform of the global financial architecture, as proposed by the Bridgetown Initiative.<\/p>\n

The new loss and damage fund will also be an important instrument to mobilize resources, but issues remain. The fund will need to move towards more innovative financing mechanisms to reach the necessary scale of investment.<\/p>\n

“Today\u2019s Adaptation Gap Report shows a growing divide between need and action when it comes to protecting people from climate extremes. Action to protect people and nature is more pressing than ever,” UN Secretary-General Ant\u00f3nio Guterres said in his message on the report.\u00a0\u201cLives and livelihoods are being lost and destroyed, with the vulnerable suffering the most.\u201d<\/p>\n

“We are in an adaptation emergency. We must act like it. And take steps to close the adaptation gap, now,” he added.<\/p>\n

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A new United Nations Environment Program (UNEP) report has identified seven ways to increase adaptation financing as the current adaptation finance gap is now estimated to be $194-366 billion per year with the adaptation finance needs of developing countries are 10-18 times as big as international public finance flows \u2013 over 50 percent higher than […]<\/p>\n","protected":false},"author":410,"featured_media":92532,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[984,6030],"tags":[14694,14695,6526,14693],"yoast_head":"\nUNEP Report: Adaptation finance gap hit $194-366 bn per year..7 ways to increase financing - Csr Egypt<\/title>\n<meta name=\"description\" content=\"A new UNEP report has identified seven ways to increase adaptation financing as the current adaptation finance gap is now estimated to be $194-366 billion per year\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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