Adaptation Gap Report A Call for Global Action

The necessity for more climate adaptation activities globally is also identified in the Adaptation Gap Report 2024. From the analysis of the data above, it is clear that adverse impacts of climate change are on the rise for the developing and least developed countries. During COP29, the United Nations Environment Programme (UNEP) underscores the importance of the financial commitments. Adaptation funding is inadequate to meet the demands of developing nations as revealed by the percentage available for this purpose.

The current trends and issues on the financial adaptation:

• International public adaptation finance to developing countries reached 22 billion USD in 2021, rising to 28 billion USD in 2022, which is the largest YoY deal since the Paris Agreement.
• However, the overall investment requirement currently stands at a fairly high estimated annual need of between 187 billion and 359 billion US dollars.
• Countries are encouraged to sign up to a new common quantified target for climate finance and to put more and improved adaptation elements in the next cycle of climate plans.
• There is a considerable need to tap innovative sources of finance to deliver adaptation finance.
• It is concluded that the advancement of capability and technology sharing remains imperative to enhance a preset hunting territory.
• Most current activities are random, costly, and are covered for the short term and call for a strategic management plan.
• Accordingly, there has been a need to step up efforts in line with global adaptation goals, hence the need for action.
• Other facts crucial for exams are the UAE Framework for Global Climate Resilience, the Glasgow Climate Pact, COP 29, and the Adaptation Gap Report.