Rich countries fall far short on climate adaptation funding, UN says
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓Rich countries are falling short of the $305 billion needed yearly to help developing nations adapt to climate change, a UN report said on Wednesday.
- ✓Funding rose to $28.2 billion in 2024, but many areas remain at risk.
- ✓Inger Andersen said, "The world is not ready to adapt to current conditions."
Story at a Glance
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- BUSINESS
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- CNBC TV18
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- 2 Minute(s)
- Market Focus
- India Economy
Rich countries are falling well short of the $305 billion needed each year to help developing nations adapt to climate change, even as extreme weather events become more frequent and severe, a UN report said on Wednesday.
Funding from developed countries rose by $1 billion to $28.2 billion in 2024, but remained a fraction of what is required to help poorer nations cope with worsening heatwaves, droughts, wildfires and floods, the UN's 2026 Adaptation Gap Report found.
Countries are preparing to meet in Turkey on November 9 to 20 for the next round of climate talks, where negotiators will examine why nations remain off track to meet a COP29 pledge made in Baku to deliver $300 billion a year in climate finance to developing countries — close to the UN's estimated requirement of $305 billion.
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