The United Nations Environment Programme (UNEP) has alerted participants at the 29th Conference of the Parties to the UN Framework Convention on Climate Change (COP29) about the insufficient progress in adaptation financing necessary to address the challenges posed by the climate crisis.
The UNEP launched, on November 7, the "Adaptation Gap Report 2024," which examined the advancements made in adaptation financing. The report urged parties at COP29, currently taking place in Baku, Azerbaijan, to enhance their efforts in adopting a strong collective financing goal. It emphasized that the current progress in funding adaptation efforts is not rapid enough to close the gap between the necessary financial needs and the actual funding available.
Key Findings
The report revealed that the most significant annual increase in international public finance for adaptation since the Paris Agreement occurred in 2022, rising to $28 billion from $22 billion in 2021. This highlights the slow progress made in adaptation financing following the Glasgow Climate Pact (at COP26), which called on developed countries to double adaptation finance by 2025. However, achieving this goal remains difficult, as the adaptation gap is estimated to range from $187 billion to $359 billion.
Challenges
The report identified several challenges in bridging the adaptation gap:
- Planning
State parties encounter difficulties in planning for climate change adaptation. The UNEP report noted that while 171 countries are capable of devising national adaptation plans, 26 countries lack such plans. Among them, 10 countries are making no progress in adaptation efforts, including seven countries affected by conflicts and fragile environments that require significant support to meet global resilience goals by 2030.
- Inadequacy of Measures
Although the number of adaptation measures is increasing, they are inadequate to meet the existing challenges. Additionally, half of the adaptation projects funded under the United Nations Framework Convention on Climate Change (UNFCCC) are deemed unsatisfactory or unsustainable. Consequently, the challenges to achieving the global resilience goal, launched by the UAE last year, are intensifying.
- Financing
The biggest challenge remains securing adequate financing. The critical question arises: who will pay for adaptation? Following the "polluter pays" principle, there is a clear expectation for developed countries—responsible for significant greenhouse gas emissions—to fund adaptation efforts in developing and low-income countries. However, developing nations often bear the costs themselves, conflicting with the principle of shared responsibility.
The report suggests that both public and private sectors must mobilize the financial resources needed to bridge the adaptation gap. For the public sector, establishing funds and facilities for climate finance planning, budgeting, and adaptation investment is essential. This could be bolstered by reforms in international financial institutions and multilateral development banks. Meanwhile, the private sector requires strategies and tools to reduce risks associated with financing through public funds, supported by adaptation accelerators and suitable platforms.
- Technology
The demand for technology and capacity building to support climate change adaptation is growing. The need for these efforts is especially critical in areas such as water, food and agriculture. However, current efforts are often uncoordinated and hindered by economic and financial challenges. The report emphasizes the importance of these initiatives, which have shown benefits for marginalized communities worldwide.
Recommendations
The UNEP report outlines several recommendations: focusing on capacity building and technology, promoting gender equality, and supporting adaptation plans. Additionally, it calls for adopting a new, robust, and specific collective goal, along with stronger adaptation plans and strategies in the next round of nationally determined contributions in 2025. State parties are expected to prioritize adaptation discussions during COP29.
