Adaptation to climate change is grossly underfunded

Confronting climate change will come at a high price, in human costs of course, but also in monetary terms. The funding needed to mitigate its effects and to adapt to it is equal to the great disasters which are multiplying: colossal. And even if global efforts in this area are progressing rapidly around the world, they are falling further and further off the mark, warns the United Nations Environment Program (UNEP). In a report published Thursday, November 4 and entitled “The storm that looms”, he analyzes in particular the situation of developing countries, often hit hard by floods, droughts, storms, fires that follow one another. “A new ferocity”, writes UNEP.

The needs of these regions to deal with these so-called “natural” disasters are five to ten times higher than the public funding devoted to them. And the deficit of resources is widening, on the one hand because the estimates of the necessary amounts increase and affect more and more sectors affected by climate change; on the other hand because “Known financial flows seem globally stable », observes UNEP.

Read also Article reserved for our subscribers At COP26, the most vulnerable states demand that polluting countries pay for their climate damage

This organization, which is carrying out this evaluation work for the sixth time, is revising its 2016 estimates upwards: the cost of adaptation would be in the upper part of a range between 140 and 300 billion dollars per year (between 120 and 259 billion euros) by 2030 and from 280 to 500 billion dollars per year by 2050, only for developing countries. However, flows for mitigation and adaptation measures reached $ 79.6 billion in 2019. The 100 billion promised for 2020 under the United Nations Framework Convention on Climate Change (UNFCCC) and who are once again in the spotlight at the 26th Climate Conference in Glasgow are therefore not being reached.

Lack of follow-up

According to the Organization for Economic Co-operation and Development (OECD), the top ten donor countries funded more than 2,600 adaptation programs per year between 2010 and 2019, mostly in Africa, Southeast Asia and the Middle East. East. These projects are more and more numerous to exceed 10 million dollars. The United States are by far the main donors: 844 projects per year have been able to start thanks to their support. They are followed by Germany (464), Japan (259), France (240). For 26 developing countries, agriculture (26%), infrastructure (22.6%), water (15.2%) and disaster risk management (12.5%) represent three quarters of estimated financing needs.

You have 35.72% of this article left to read. The rest is for subscribers only.

We would love to give thanks to the author of this write-up for this awesome web content

Adaptation to climate change is grossly underfunded

Bofads