"International funding to shield people from heatwaves, floods and droughts only 5-10% of what is needed, report finds".
"The world is “woefully” underprepared for the escalating impacts of the climate crisis that is already hitting billions of people across the globe, a stark UN report has warned.
International funding to protect communities against heatwaves, floods and droughts is just 5-10% of what is needed today and actually fell in recent years, just as extreme weather hit even harder.
The UN Environment Programme (Unep) report estimated that between $215bn and $387bn a year is needed for climate adaptation in poor and vulnerable countries alone this decade. However, funding fell by 15% – to just $21bn – in 2021, the report said.
Rich nations pledged at the UN climate summit in Glasgow in 2021 to provide $40bn by 2025. Providing the adaptation measures needed to shield people from climate effects is a top priority for the Cop28 summit, which begins in the United Arab Emirates on 30 November, alongside cutting carbon emissions.
Adaptation is highly cost-effective with, for example, every $1bn invested in protection against coastal flooding leading to a $14bn reduction in economic damages, the report said. Furthermore, protective measures would limit the future compensation to be paid through a new loss and damage fund that developing countries are demanding is made operational at Cop28."
Damian Carrington reports for the Guardian November 2, 2023.
SEE ALSO:
"Developing Countries Need At Least $215 Billion A Year For Climate Adaptation" (Grist)
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