Adaptation Gap Report:
According to the Adaptation Gap Report, the money being made available to developing countries for adaptation measures has been declining and is nowhere near the scale of requirement.
Key findings of the report:
- It is estimated that adaptation costs will increase significantly by 2050 for most sectors, especially under high-warming scenarios.
- The adaptation finance needs are 10-18 times as high as the current international public adaptation fund flows.
- The world countries must urgently cut greenhouse gas emissions and increase adaptation efforts to protect vulnerable populations.
- In 2021, funding from developed countries to developing countries for adaptation projects was 15% lower than in previous years.
- It identifies seven ways to bridge the adaptation gap, which include an increase in international finance flows and greater domestic mobilisation of resources.
- Also, it calls for a reform of the global financial architecture to ensure greater and easier access to finance for climate-related purposes from multilateral agencies such as the World Bank or the IMF.