Climate Adaptation Finance Gap At Least 50% Bigger Than Thought, UN Says

The Adaptation Gap Report 2023 by the United Nations Environment Programme (UNEP) reveals that progress on climate adaptation is slowing, despite the increasing impacts and risks of climate change. The report highlights that the finance needs for climate adaptation in developing countries are now 10-18 times larger than international public finance flows, with an estimated annual gap of US$194-366 billion. This failure to enhance adaptation has significant implications for losses and damages, particularly for vulnerable populations. The report emphasizes the urgent need for increased finance and action to close the adaptation gap and protect people and nature from climate extremes. It also identifies seven ways to increase financing, including domestic expenditure, international and private sector finance, and reforming the global financial architecture.

Adaptation Gap Report: https://www.unep.org/resources/adaptation-gap-report-2023

Resource: https://esgnews.com/climate-adaptation-finance-gap-at-least-50-bigger-than-thought-un-says/

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