Not Enough Funding Allocated by Global Community to Safeguard Climate-Vulnerable Nations, UN Warns
Climate change adaptation efforts in developing countries are lagging while the crisis intensifies, leaving billions at higher risk from extreme heat, severe storms, and rising sea levels, warns a UN report Urgent action and increased funding are crucial to safeguard vulnerable communities (326 characters)
Climate change adaptation measures in developing countries are lagging behind while the crisis is intensifying, leading to a growing disparity that puts billions of people at greater risk of extreme heat, severe storms, and rising sea levels, as highlighted in a recent UN report. The report by the United Nations Environment Programme reveals that the estimated costs to adequately prepare low-income nations for the severe impacts of rapid global warming are now 10 to 18 times higher than the current funding allocated to these regions. This represents a gap that is over 50% larger than what was projected in UNEP's 2022 report.
The developed world committed over ten years ago to annually transfer a minimum of $100 billion to developing nations, aiding in their transition to green technologies and supporting their efforts to mitigate the effects of the climate crisis. This commitment was reaffirmed in the 2015 Paris Agreement; however, the target has yet to be achieved. Additionally, poorer nations have voiced their concerns about the inadequate allocation of funds towards adaptation measures, such as preparing for the escalating impacts of the climate crisis such as deadly heat, floods, storms, wildfires, and sea-level rise.
On November 1, 2021, Prince Charles, Prince of Wales, addressed attendees during the commencement ceremony of the UN Climate Change Conference COP26 at SECC in Glasgow, United Kingdom. The global leaders present at COP26 are facing mounting pressure to reach consensus on strategies to achieve emission reduction targets, ultimately leading the world to a net-zero carbon footprint by 2050. Additionally, the summit aims to prioritize adaptation efforts to safeguard communities and natural ecosystems, raise $100 billion annually for climate finance, and foster international collaboration to effectively combat the challenges posed by the climate crisis. (Photo by Jeff J Mitchell/Getty Images)
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In 2021, the flow of adaptation finance decreased by 15% to $21 billion, according to UNEP's latest data. However, it should be noted that the decline may have been influenced by the Covid pandemic, which may have affected climate finance spending that year. UNEP estimates that the actual annual requirement for adaptation finance ranges between $194 billion and $366 billion and is expected to increase significantly by 2050 due to global warming.
"The urgency of the situation is becoming increasingly apparent," said Andrea Hinwood, UNEP's chief scientist, in an interview with CNN. "Based on the advice we have received, we need to work diligently and swiftly over the next eight years to adequately prepare for the future challenges that will be even more difficult to tackle."
According to the report, the world will reach the threshold where people can no longer adapt to their changing climate more rapidly unless the gap between what is needed and what is provided is closed.
The aftermath of deadly flooding in Derna, Libya, on September 14.
Esam Omran Al-Fetori/Reuters
The topic of the climate crisis, including responsibility for covering the costs of loss and damage, is anticipated to be a significant point of contention during the COP28 discussions in Dubai this December. Hinwood emphasized the need for discussing new adaptation goals and reaffirming the commitment to financial support for adaptation in developing nations.
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Developed countries shoulder a greater historical responsibility for the climate crisis caused by human activities, while developing nations and small island states are enduring the most severe consequences. According to a recent study, 55 of the world's most vulnerable economies have already incurred losses and damages exceeding $500 billion in the past two decades due to the climate crisis.
According to Hinwood, if we neglect funding for adaptation, we will find ourselves unable to adapt in the future. Developed countries, with much higher greenhouse gas emissions per capita than developing countries, should take the lead in addressing this issue. The actions we take now will have long-term benefits.
The report highlights that the world still has the potential to prevent the devastating economic consequences of climate disasters. Investing one billion dollars in infrastructure to protect coastal areas from flooding could save fourteen billion dollars in economic damages, as stated in the report. Additionally, investing sixteen billion dollars annually in agriculture could provide relief for seventy-eight million people suffering from climate crisis-related starvation or chronic hunger.
