(Ecofin Agency) – Developing countries, faced with growing climate risks, are struggling to bridge the financing and adaptation Gap, despite notable progress. Urgent strengthening of efforts and increased mobilization of resources are essential to effectively confront the threat.
In 2022, international public financial flows dedicated to climate adaptation and directed towards developing countries reached 28 billion dollars, marking a notable increase compared to 22 billion the previous year. This increase, the strongest recorded since the Paris Agreement, reflects progress in the application of the Glasgow Climate Pact, but these resources remain insufficient compared to the immense needs of these countries.
This is according to the United Nations Environment Program’s 2024 Adaptation Gap Report, released in November 2024. The document shows that even with this level of funding, only 5% of the funding gap estimated between 215 and 387 billion dollars per year would be filled. This critical deficit illustrates the scale of the financial challenges that developing countries face, in the absence of sufficient data on public and private national contributions.
Faced with this gap, the authors of the report urge developing countries to increase their ambitions in terms of adaptation to climate risks and to redouble their efforts in mobilizing resources. In addition to financial obstacles, the document indicates that the implementation of National Climate Adaptation Plans in developing countries encounters numerous institutional, regulatory, and technical obstacles.
This also justifies the seesawing trend in funding mobilized by these countries for adaptation to climate risks. For example, funding fell by almost $250 million in 2023 compared to 2022, but investments through August 2024 are already showing signs of recovery. Information on the implementation of adaptation actions reveals strong annual fluctuations, although a slight upward trend is observed in the long term.
Progress of adaptation projects supported by financial mechanisms serving the UNFCCC and the Paris Agreement
With climate change accelerating, developing countries can no longer afford to slow down, suggest the authors, who say the path to effective adaptation requires more substantial financial commitments, strengthened international cooperation and increased political will. .
“Acting quickly to strengthen adaptation plans is essential, not only to address immediate impacts, but also to ensure progress is sustainable in the long term”the report concluded.
Olivier de Souza
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