According to the United Nations Environment Programme's (UNEP) Adaptation Gap Report 2023, progress on climate adaptation is slowing but must accelerate to catch up with growing climate change impacts.
International
The report, which looks at progress in planning, financing and implementing adaptation actions, finds that developing countries' adaptation finance needs are 10–18 times larger than international public finance flows. This is 50 percent more than the previous range estimate. The estimated cost of adaptation in developing countries over this decade is estimated at US$215 billion per year. The adaptation finance needed to implement domestic adaptation priorities is estimated at US$387 billion per year. The report identifies seven ways to increase financing, including domestic spending and international and private sector finance. Additional ways include scaling up and optimizing remittances, finance for small and medium enterprises, and improving the global financial architecture. The new Loss and Damage Fund will also need to move towards more innovative financing mechanisms to reach the required scale of investment.
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