Overview
- UNEP’s Adaptation Gap Report says developing countries will need roughly $310–365 billion annually by 2035, about 12 times current public flows.
- International public adaptation finance fell to about $26 billion in 2023 from $28 billion in 2022, making the 2021 pledge to reach roughly $40 billion by 2025 likely to be missed.
- Debt instruments made up around 58% of adaptation finance in 2022–2023, raising concerns over affordability and mounting burdens for vulnerable nations, including LDCs and SIDS.
- Last year’s COP29 set a $300 billion annual climate finance goal by 2035 that developing countries say falls far short of their $1.3 trillion ask, with a Baku-to-Belém roadmap now being drafted to scale funding.
- COP30 president Andre Correa do Lago said he hopes to assemble resources from rich countries, philanthropy and multilateral development banks, while UN leaders urge faster access to public funds and greater private investment potential of about $50 billion a year compared with roughly $5 billion now.