Jakarta – With climate impacts intensifying and disproportionately affecting vulnerable populations, the United Nations Environment Programme (UNEP) calls for urgent action to close the adaptation finance gap. The Adaptation Gap Report 2024: Come Hell and High Water, released on Thursday, November 7, in an online broadcast, highlights the need for a massive scale-up in climate adaptation efforts, starting with a firm commitment at COP29 in Baku, Azerbaijan.
The report underscores global average temperatures nearing the critical 1.5°C threshold above pre-industrial levels. According to UNEP’s recently released Emissions Gap Report, the planet is on course for a catastrophic temperature rise of 2.6–3.1°C this century without substantial cuts in greenhouse gas emissions. This alarming trajectory necessitates immediate and robust adaptation strategies to mitigate the escalating risks.
While international public adaptation finance to developing countries rose from USD 22 billion in 2021 to USD 28 billion in 2022, this still needs to catch up to the need. Even achieving the Glasgow Climate Pact’s goal of doubling adaptation finance to USD 38 billion by 2025 would reduce the estimated annual adaptation finance gap of USD 187–359 billion by only about 5%.
UN Secretary-General António Guterres emphasised the urgency: “Climate catastrophe is hammering health, widening inequalities, harming sustainable development, and rocking the foundations of peace. The vulnerable are hardest hit, while the fossil fuel industry continues to reap massive profits and subsidies.”
“We need to unlock a new climate finance goal at COP29. And to build on The Pact for the Future by driving action on depth and substantially increasing the landing capacity of the Multilateral Development Banks and their potential to leverage far more private finance. Today’s reports estimate that developing countries outside China are spending more on debt interest payments than they need for adaptation,” he said.
UNEP Executive Director Inger Andersen warned that without serious action, the future will see devastating impacts on livelihoods and ecosystems: “Frankly, there’s simply no excuse for the world not to get serious about adaptation. We need well-financed and effective adaptation that incorporates fairness and equity to protect against these impacts, and we need it now,” she said.
The report reveals that 171 countries have at least one national adaptation plan (NAP), but 26 still need one. Ten show no signs of developing such plans, with seven being conflict-affected or fragile states. The effectiveness of NAPs in many developing countries still needs to be improved, highlighting the need for tailored support to ensure these plans lead to concrete action.
While adaptation actions are increasing, the pace and scale still need to be increased. Evaluations of projects under the UN Framework Convention on Climate Change (UNFCCC) reveal that nearly half of the initiatives could be more satisfactory or sustainable with continued funding.
Henry Neufeldt, the report’s chief scientific editor, said at the launch: “Meeting the climate challenge requires not only greater adaptation finance volumes but also a shift to anticipatory, strategic, and transformational action. Over two-thirds of finance needs are in areas typically financed by the public sector, with one-third in areas with potential for private financing.”
UNEP stresses the importance of shifting from reactive, project-based financing to anticipatory and transformative strategies. The report also questions the fairness of current financing arrangements, which often place the financial burden on developing countries, contrary to the principles of equity and the “polluter pays” doctrine.
The report highlights that adaptation efforts must be supported by strengthened capacity-building and technology transfer. “Developing countries express needs for more capacity and technology across all aspects of adaptation planning and implementation, with a focus on agriculture and water. However, current efforts are often uncoordinated, expensive, and short-term,” said Neufeldt.
UNEP recommends a holistic approach to capacity-building that integrates gender equality and social inclusion, supported by robust evidence and monitoring systems.
UNEP calls on world leaders at COP29 to adopt a strong, new collective goal on climate finance and integrate more ambitious adaptation measures into their nationally determined contributions (NDCs). These steps are crucial as the world prepares for COP30 in Belém, Brazil, next year. “COP29 must step up adaptation action by increasing adaptation finance to bridge the gap, strengthening capacity-building and technology transfer, and enhancing adaptation planning and implementation to keep pace with increasing impacts,” said Neufeldt. (nsh)
