UN Reports Severe Underfunding in Climate Change Adaptation, Warns of Increasing Disasters

UN report reveals stark “adaptation finance gap” of up to $366 billion annually, while developed nations resist compensating vulnerable countries as climate events increase in severity and frequency ahead of COP28 Climate Change Conference.

• UN report warns that the world needs to spend 10 to 18 times more than it currently does to adapt to the increasing devastation caused by climate change, with vulnerable people suffering the most from these changes.
• The report identified an 'adaptation finance gap' of up to $366 billion per year, more than 50% higher than previous UN estimates. This gap is expected to continue growing unless drastic action is taken.
• Developing countries that are least responsible for climate change are suffering the most from its effects, largely due to the decisions of wealthy nations. These wealthy countries, however, are not providing adequate funds to help poorer nations deal with these consequences.
• Despite international agreement last year to fund adaptation measures for vulnerable countries, negotiations have stalled and the fund remains largely underfunded. The U.S. has proposed the World Bank host the fund, a proposal that many nations oppose.
• The UN report highlights the potential benefits of adaptation investments. For example, $1 billion invested in protecting communities from coastal flooding could prevent $14 billion in damage. Meanwhile, early-warning systems can yield a tenfold return on investment.

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