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At COP29, the Adaptation Fund has faced a "puzzling" lack of new financial pledges, securing only $61 million against a $300 million goal, despite urgent calls for increased funding to combat climate change impacts. The reluctance from donor governments may stem from awaiting outcomes on a new climate finance goal, leaving vulnerable countries in dire need of support. With rising adaptation needs, the fund risks running out of money if contributions do not increase.
The urgency for climate adaptation has escalated, with COP29 in Baku highlighting a significant gap in adaptation finance needs, estimated at $215 billion-$387 billion annually, against actual funding of only $28 billion in 2022. The Adaptation Fund has invested over $1.2 billion in projects benefiting 46 million vulnerable people, emphasizing the immediate necessity for increased financial support to combat climate impacts. As extreme weather events become more frequent, the call for robust adaptation strategies and funding is more critical than ever.
Mikko Ollikainen
People
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climate summit struggles to secure vital funding for adaptation efforts
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10:50 16.11.2024
urgent need for increased adaptation finance in climate crisis response
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