Ahead of COP29, the United Nations Environment Programme (UNEP) has issued its 2024 Adaptation Gap Report, Come Hell and High Water, calling for a substantial increase in climate adaptation initiatives to address escalating risks in vulnerable regions.
The report highlights a growing disparity between the funding needed to safeguard developing countries and the available international public adaptation finance. UNEP emphasizes that current finance levels, despite recent increases, are still insufficient to close the adaptation gap, which ranges between $187-359 billion annually.
Adaptation finance for developing nations rose significantly from $22 billion in 2021 to $28 billion in 2022, marking the largest annual increase since the Paris Agreement.
This boost aligns with the Glasgow Climate Pact’s goal of doubling adaptation finance by 2025.
However, even if this target is met, it would only cover a small portion of the enormous finance gap. UNEP is calling for a strong commitment at COP29 in Baku, Azerbaijan, to establish a new collective financing target that is more aligned with actual needs. According to UNEP’s Emissions Gap Report, without immediate cuts to greenhouse gas emissions, the world remains on track for a global temperature rise of 2.6-3.1°C this century, a level that would dramatically heighten climate impacts and jeopardize vulnerable populations.
UN Secretary-General António Guterres urged for urgent, collective action, warning that the climate crisis is affecting health, increasing inequality, and destabilizing societies.
Guterres criticized the fossil fuel industry for reaping profits while climate impacts disproportionately harm poorer populations, with taxpayers ultimately covering the costs. UNEP Executive Director Inger Andersen echoed this, stating that the devastation caused by climate change is already visible, with severe storms, wildfires, and droughts affecting communities worldwide.
According to Andersen, climate adaptation cannot be delayed any longer, as failure to act would threaten both human lives and the ecosystems they rely on.
To bolster adaptation efforts, UNEP calls for intensified support for capacity-building and technology transfer in vulnerable regions, which face unique economic and regulatory obstacles.
While many developing countries have national adaptation plans (NAPs), evaluations indicate that without sustainable financing, many adaptation projects will not last. Financial constraints, legal frameworks, and high costs limit the effectiveness of technology transfer, making it essential for COP29 to promote a coordinated approach that prioritizes water, agriculture, and social inclusion.
