UN Report: Huge Gap in Funding for Climate Adaptation

SadaNews - A UN report indicates that the world will need to spend about $310 billion annually by 2035 to adapt to rising sea levels, floods, intensified heatwaves, and other phenomena resulting from climate change.

The report "Adaptation Gap Report 2025: Resource Drain" issued by the United Nations Environment Programme indicates that, with rising global temperatures and worsening climate change effects, the adaptation finance gap in developing countries threatens lives, livelihoods, and entire economies.

According to the report, international public adaptation finance flows to developing countries reached $26 billion in 2023, down from $28 billion the previous year, which "is already more than 12 times what they need to adapt today."

The report noted that the Glasgow Climate Pact, to double international public finance for adaptation to about $40 billion by 2025, will not be achieved under current trends.

It stressed that previous climate conferences have not resulted in significant increases in funding allocated for adaptation, compared to investments directed towards emission reduction projects such as renewable energy and clean technologies.

The term climate adaptation refers to a set of measures and actions taken to respond to climate change, aiming to reduce its negative impacts on communities, economies, and ecosystems.

Scientists believe that rising ocean temperatures lead to increased intensity and frequency of hurricanes, as well as higher rainfall rates and the risk of storms associated with rising sea levels, highlighting the urgent need to enhance adaptation measures.

In a message commenting on the report's findings, UN Secretary-General Antonio Guterres stated that adaptation financing is not keeping pace with accelerating climate impacts, making the world's most vulnerable populations susceptible to harm "from rising sea levels, devastating storms, and scorching heat."

Guterres added: "This is not just a funding gap; it is a failure of global solidarity, a failure measured by homes submerged, damaged crops, disrupted development, and lost lives."

The Secretary-General emphasized that the upcoming United Nations Climate Conference "COP 30" scheduled in Belém, Brazil next month must deliver a global action plan to ensure that developing countries have the resources and capacities needed to protect their people, enhance food and water security, and build resilience across all development sectors.

He stressed that this includes developed countries fulfilling their pledge to double adaptation financing, and all financial actors moving forward with implementing the Baku roadmap (where Climate Conference 29 was held) to the Brazilian venue for Climate Conference "COP 30".

Guterres indicated this includes mobilizing $1.3 trillion annually by 2035, with a fair and stable share allocated for adaptation, ensuring that new financing does not increase debt burdens.

The Secretary-General noted the role of the private sector, saying that profits from fossil fuels (oil, gas, and coal) should help "finance the recovery from the damage they have caused."

For his part, the President of the "COP 30" Summit, André Correa do Lago, stated in an interview with Reuters in Brasília: "There is more public desire than ever, from governments, cities, and the public, to obtain dedicated resources for adaptation."

Source: Agencies