Adaptation Gap Report, 2023

According to UN Report, the money available to developing countries for adaptation measures to increasing climate change has been declining, and nowhere close to the scale of requirement.

Adaptation Gap Report – It is an annual publication by United Nations Environment Programme’s (UNEP) since 2014.
It is a science based independent assessment of the global situation of adaptation to climate change.
It is co-produced by UNEP Copenhagen Climate Centre (UNEP-CCC) and the World Adaptation Science Programme (WASP).
Objectives – To inform the climate negotiations among UN member states and explores options for enhancing national and global adaptation efforts.
Their objective is closely aligned with UNFCCC global stocktake.

Findings of Adaptation Gap Report, 2023

The adaptation finance needs of developing countries are 10-18 times as great as international public finance flows
In 2021, funding to developing countries for adaptation projects was 15% lower than the previous years.
The current adaptation finance gap is now estimated to be USD 194-366 billion per year.

Adaptation finance gap is the difference between estimated adaptation financing needs and existing finance flows.

55 most climate-vulnerable economies have experienced losses and damages of more than USD 500 billion in the last 2 decades.
Every billion invested in adaptation against coastal flooding leads to a USD 14 billion reduction in economic damages.
USD 16 billion per year invested in agriculture would prevent approximately 78 million people from starving or chronic hunger because of climate impacts.
While 5 out of 6 countries now have at least one national adaptation planning instrument but progress to reach full global coverage is slowing.
It identifies 7 ways to increasing financing, including through domestic expenditure and international and private sector finance.

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