Report provides annual assessment on progress in adaptation planning, implementation and finance.
- Adaptation Gap is the difference between actually implemented adaptation (adjustment measures to actual or expected climate) and a societally set goal, reflecting resource limitations and competing priorities.
Key Findings of Report
- Adaptation Gap: Adaptation gap is estimated at US$187-359 billion per year.
- Adaptation Progress: International public adaptation finance flows to developing countries increased to US$27.5 billion in 2022.
- This reflects progress towards Glasgow Climate Pact, which urged developed nations to at least double adaptation finance to developing countries from US$19 billion (2019) by 2025.
- Significance of Adaptation: Global climate risk can be halved through ambitious adaptation.
- For instance, US$16 billion invested in agriculture per year would prevent about 78 million people from climate change related starving or chronic hunger.
Recommendations for bridging adaptation gap
- Adopt an ambitious New Collective Quantified Goal for climate finance at COP29.
- Strengthening enabling factors, adapting new financial instruments, capacity building and technology transfer are central.
- Adaptation financing needs to shift from reactive, incremental, project-based financing to more anticipatory, strategic and transformational adaptation.
Key Initiatives for AdaptationGlobal
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