Annual adaptation costs in developing countries, including India, to the climate change are estimated at USD70 billion, but the figure could reach up to USD 300 billion in 2030, and whopping USD 500 billion in 2050.
However, while almost three-quarters of nations have some adaptation plans in place, most of them face financial and implementation fall “far short” of what is needed, said a UN report here, even as it called for stepping up public and private finance for adaptation on an urgent basis.
Though cumulative investment for climate change mitigation and adaptation projects under the four funds--the Global Environment Facility (GEF), the Green Climate Fund (GCF), the Adaptation Fund, and the International Climate Initiative (IKI)-- stands at USD 94 billion, only USD 12 billion was spent on nature-based solutions, a tiny fraction of total adaptation and conservation finance, it added.
“Though countries have made progress in planning for climate change adaptation, significant gaps remain in financing such initiatives and bringing them the stage where they bring real protection against climate change impacts such as droughts, floods and sea-level rise”, said the United Nations environment report.
Released on Thursday by the UN Environment Programme (UNEP), the 2020 Adaptation Gap Report, pointed out that as temperatures rise and climate change impacts intensify, nations must urgently step up action to adapt to the new climate reality or face serious costs, damages and losses.
“The hard truth is that climate change is upon us,” Inger Andersen, UNEP Executive Director, said in a news release announcing the findings.
“Its impacts will intensify and hit vulnerable countries and communities the hardest, even if we meet the Paris Agreement goals of holding global warming this century to well below 2 degrees Celsius and pursuing 1.5 degree Celsius.”
Annual adaptation costs in developing countries are estimated at USD70 billion, but the figure could reach up to USD300 billion in 2030, and USD 500 billion in 2050. Almost three-quarters of nations have some adaptation plans in place, but financing and implementation fall “far short” of what is needed, said the report.
Adaptation is a key pillar of the Paris Agreement on Climate Change. It aims to reduce countries’ and communities’ vulnerability to climate change by increasing their ability to absorb impacts.
The UNEP report also underscored the importance of nature-based solutions as low-cost options that reduce climate risks, restore and protect biodiversity, and bring benefits for communities and economies.
The UNEP has now urged all nations to pursue the efforts outlined in its December 2020 Emissions Gap Report, which called for a green pandemic recovery and updated Nationally Determined Contributions (NDCs) that include new net-zero commitments.
“However, the world must also plan for, finance and implement climate change adaptation to support those nations least responsible for climate change but most at risk,” the UN agency said adding that “while the COVID-19 pandemic is expected to hit the ability of countries to adapt to climate change, investing in adaptation is a sound economic decision.”
