Inadequate finance on climate adaptation leaves world exposed: UNEP report

New Delhi, Nov 2 (IANS) Progress on climate adaptation is slowing on all fronts when it should be accelerating to catch up with rising climate change impacts and risks, a new United Nations Environment Programme (UNEP) report said on Thursday.

Released ahead of the COP28 climate talks taking place in Dubai, the Adaptation Gap Report 2023: Underfinanced. Underprepared — Inadequate investment and planning on climate adaptation leaves world exposed finds that the adaptation finance needs of developing countries are 10-18 times as big as international public finance flows — over 50 per cent higher than the previous range estimate.

“Today’s 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 António Guterres said in his message on the report.

“Lives and livelihoods are being lost and destroyed, with the vulnerable suffering the most. We are in an adaptation emergency. We must act like it. And take steps to close the adaptation gap, now,” he added.

As a result of the growing adaptation finance needs and faltering flows, the current adaptation finance gap is now estimated to be $194-366 billion per year.

At the same time, adaptation planning and implementation appear to be plateauing. This failure to adapt has massive implications for losses and damages, particularly for the most vulnerable.

“In 2023, climate change yet again became more disruptive and deadly: Temperature records toppled, while storms, floods, heatwaves and wildfires caused devastation,” said Inger Andersen, Executive Director of UNEP.

“These intensifying impacts tell us that the world must urgently cut greenhouse gas emissions and increase adaptation efforts to protect vulnerable populations. Neither is happening.

“Even if the international community was to stop emitting all greenhouse gases today, climate disruption would take decades to dissipate,” she added.

“So, I urge policymakers to take heed of the Adaptation Gap Report, step up finance and make COP28 the moment that the world committed fully to insulating low-income countries and disadvantaged groups from damaging climate impacts.”

After a major update over previous years, the report now finds that the funds required for adaptation in developing countries are higher — estimated to be in a plausible central range of $215 billion to $387 billion per year this decade.

The modelled 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 Nationally Determined Contributions and National Adaptation Plans to all developing countries, is estimated at $387 billion per year.

Despite these needs, public multilateral and bilateral adaptation finance flows to developing countries declined by 15 per cent 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 support by 2025 and sets a worrying precedent.

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.

Ambitious adaptation can enhance resilience — which is particularly important for low-income countries and disadvantaged groups — and head off losses and damages.

The report points to a study indicating that the 55 most climate-vulnerable economies alone have experienced losses and damages of more than $500 billion in the last two decades.

These costs will rise steeply in the coming decades, particularly in the absence of forceful mitigation and adaptation.

Studies indicate that every billion invested in adaptation against coastal flooding leads to a $14 billion reduction in economic damages.

Meanwhile, $16 billion per year invested in agriculture would prevent approximately 78 million people from starving or chronic hunger because of climate impacts. 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.

This report identifies seven ways to increase 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.

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

A quarter of Gaza’s population one step away from famine: UN official

Tel Aviv: A senior aid official of a UN body has warned that a quarter of the population of the war-trodden Gaza is one step away from an imminent famine....

Assam Congress President Rana Goswami resigns, set to join BJP

Guwahati: Assam Congress working president Rana Goswami resigned from the party on Wednesday. He is set to join the BJP very soon. In a letter addressed to K C Venugopal,...

Centre likely to notify CAA rules before announcement of LS poll schedule: Sources

New Delhi: The Central government is likely to notify the rules for the Citizenship Amendment Act (CAA) before the Model Code of Conduct (MCC) comes into play ahead of the...

Pakistan court indicts Imran Khan, Bushra Bibi in graft case

Islamabad: An accountability court in Pakistan on Tuesday indicted former prime minister and jailed PTI founder Imran Khan and his wife Bushra Bibi in the Rs 50 million graft case....

Bengal Guv writes to Mamata govt, seeks Sheikh Shahjahan’s immediate arrest

Kolkata: West Bengal Governor C.V. Ananda Bose has written a letter to the state government seeking immediate arrest of Sheikh Shahjahan, the absconding Trinamool Congress leader from Sandeshkhali and accused...

Jolt for INDIA as CPI stakes claim to Wayanad, announces Annie Raja’s candidature

Thiruvananthapuram, Feb 26 (IANS) Spelling fresh discord in the INDIA bloc, the CPI on Monday announced four candidates from Kerala for the upcoming Lok Sabha polls, including Annie Raja, wife...

India’s poverty level has fallen below 5%: NITI Aayog CEO

New Delhi: The latest household consumer expenditure survey indicates that India's poverty level has fallen below 5 per cent and people are becoming more prosperous both in the rural and...

Republican primary: Trump tightens grip on nomination, Haley stays in race

Washington: Former US President Donald Trump tightened his grip on the Republican nomination for the White House defeating Nikki Haley, former UN ambassador and the only other candidate in the...

Russia’s military death toll in Ukraine rises to 409,820

Kiev: The Armed Forces of Ukraine eliminated about 409,820 Russian armed personnel in Ukraine from February 24, 2022, to February 25, 2024, including 810 Russian armed personnel on Saturday alone,...

‘Digital Nagriks’ not to be experimented with ‘unreliable’ AI models, govt tells Google India

New Delhi: The Centre on Saturday warned Google India that India's ‘Digital Nagriks’ are not to be experimented on with ‘unreliable’ algorithms or AI models, as the IT Ministry was...

Lok Sabha polls 2024: AAP and Cong announce seat sharing tie-up for Haryana, Delhi, Gujarat

New Delhi: Confirming their alliance, the INDIA bloc constituents AAP and Congress on Saturday announced their seat sharing tie-up for the forthcoming Lok Sabha elections for Delhi, Gujarat, and Haryana....

Assam repeals Muslim Marriage Act

Guwahati: In a major development, the long-standing Assam Muslim Marriage and Divorce Registration Act of 1935 was repealed by the state government on Friday. The decision was taken during a...

Read Previous

Taliban to build shelters for Afghan refugees returning home from Pak

Read Next

Naveen Patnaik’s ‘Pandian’ move checkmates naysayers, political opponents

Leave a Reply

Your email address will not be published.

WP2Social Auto Publish Powered By :