The funding gap for climate change adaptation is at an all-time high

The funding gap for climate change adaptation is at an all-time high

While the financing needs of developing countries to adapt to the effects of climate change are estimated to be 18 times greater than the current financing flow and are at historic highs, experts note that investments in climate adaptation must be accelerated to avoid higher costs.

United Nations Environment Program (UNEP) “Adaptation Gap Report 2023: Underfunding. The report titled “Inadequate Preparedness – Inadequate Investment and Planning for Climate Adaptation” was published.

The report announced that international public financing provided to developing countries for adaptation to the effects of climate change was 21 billion dollars in 2021, and the need for adaptation financing of these countries was estimated at between 215 billion of dollars and 387 billion dollars annually until 2030. .

Paul Watkiss, lead author of the report and director of UK-based climate change consultancy Paul Watkiss Associates, said in his statement that adaptation costs and financing needs are increasing.

Watkiss noted that adaptation costs are much higher than previously estimated levels, saying: “Countries are finding that they need more comprehensive adaptation, and this increases the financing required. When we consider the $21 billion in adaptation finance provided in 2021 and the annual funding need of $215 to $387 billion that we estimate (in the 2023 report), we see that the gap is very large. “And this gap is increasing,” he said.

NEGATIVELY AFFECTING THE ECONOMIC PROSPECTS

Watkiss stated that challenges related to the global economic outlook may also affect adaptation financing and continued:

“It would probably be easier to increase adaptation funding at a time when the economic outlook is better. Providing this financing is becoming more difficult due to economic and financial pressures. On the other hand, it is necessary to simultaneously accelerate efforts to reduce and adapt to the effects of climate change and emissions, because both complement each other.

Without effective mitigation efforts and increased financing for adaptation, subsequent damage and losses will be much greater. So everything is interconnected. “If steps towards adaptation are not accelerated, economic losses from climate impacts, such as extreme weather events that are now more intense, will continue to increase.”

Watkiss noted that, considering all this, investments in adaptation are logical investments to prevent major shocks and stated that financing for adaptation can be provided through different initiatives and the private sector in developing and developed countries.

Watkiss stressed that all means are needed to close the adaptation financing gap.

FUNDING FOR ADAPTATION HAS DECREASED

Stating that funding for adaptation decreased after the 26th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP26) held in Scotland, Watkiss said: “While we don’t know exactly why this happened, I believe that the fact that Covid-19 was a high priority at the time may have had an impact on this. “We don’t know the figures for 2022 yet, the first signs are that adaptation funding will be a little better in 2022, but we don’t know, for example, if the war in Ukraine will have an impact.” he said.

Georgia Savvidou, author of the report and researcher at the Stockholm Environment Institute, recalled that funding for adaptation decreased by 15 percent between 2020 and 2021, thus reducing the amount of funding to $21 billion.

Noting that financing is an important topic at the COP28 summit to be held in Dubai later this month, Savvidou said: “Especially, the loss and damage fund is one of the most important topics on the COP28 agenda. First, we must focus on reducing the effects of climate change and emissions in order to avoid increased adaptation costs. Likewise, we must accelerate investments in adaptation until 2030 so that we can avoid further loss and damage.” he made the assessment of it.

THE FINANCIAL DEFICIT REACHES 366 BILLION DOLLARS PER YEAR

The UNEP report estimates that, due to the intensifying effects of climate change and growing adaptation needs, the adaptation financing needs of developing countries could reach between $215 billion and $387 billion annually 2030.

This shows that the need for financing for adaptation to the effects of climate change is between 10 and 18 times greater than today.

Subtracting the $21 billion in international finance provided to developing countries in 2021, the adaptation finance gap by 2030 ranges between $194 billion and $366 billion annually.

According to UNEP, the funding gap is at least 50 percent larger than previously estimated.

The need for adaptation finance in developing countries is expected to increase significantly between now and 2050 as the effects of climate change intensify.

While it is estimated that more than $500 billion in loss and damage has been experienced in the last 20 years in the 55 countries most vulnerable to the effects of the climate crisis, it is estimated that every $1 billion of investment made to Adaptation, especially in countries in coastal regions, reduces economic damage by $14 billion. It is estimated that if $16 billion is invested annually to prevent the effects of climate change on agriculture, approximately 78 million people can be prevented from dying of hunger or chronic hunger due to the effects of climate.

GUTERRES CALL TO THE ‘FOSSIL FUEL BARONS’

In his statement on the report, United Nations Secretary-General Antonio Guterres noted that steps taken have slowed as needs increase, saying: “Today’s report shows that the adaptation financing gap is at its highest point. “The world must take action to close this gap and achieve climate justice.” he said.

Guterres claimed that “fossil fuel magnates and their supporters” caused this situation and said: “As a result, they need to support those who find themselves in a difficult situation due to climate change. “I call on governments to tax the excessive profits of the fossil fuel industry and allocate some of these funds to countries suffering from the climate crisis.” he said.

Recalling the extreme weather events and uncontrollable fires experienced this year, UNEP Executive Director Inger Andersen, whose views are included in the report, said: “These intensifying impacts tell us that the world must urgently reduce emissions. of greenhouse gases and increase adaptation efforts to protect vulnerable people. communities. But neither of those things happen. Even if the international community stopped all greenhouse gas emissions today, it would take decades for climate change to disappear. “I therefore urge policymakers to take this report into account and increase funding.” he said. (AA)

Source: Sozcu

LEAVE A REPLY

Please enter your comment!
Please enter your name here

spot_imgspot_img

Hot Topics

Related Articles