The governments of Bangladesh and Denmark, supported by the Global Center on Adaptation, are hosting an international dialogue at a side event during the United Nations General Assembly to discuss the way forward for climate adaptation
In mid-2023 the world temporarily touched the 1.5°C warming threshold twice, with floods, heatwaves and wildfires making the headlines daily. We have no options but to adapt to the new reality.
However, current adaptation finance needs in developing countries are likely five to ten times greater than international adaptation finance flows – an alarming gap that is expected to widen significantly in the future, unless financial systems are transformed. The adaptation finance gap can be defined as the difference between the estimated costs of meeting a given adaptation goal (the adaptation finance needs) and the amount of finance available.
The UNEP Adaptation Gap Report 2022 estimated the adaptation finance needs in developing countries are in the range of US$170-340 billion/year by 2030, rising to US$340-600 billion/year by 2050.
According to OECD estimates, international public funds for adaptation reached US$28.6 billion in 2020.
Consequently, adaptation finance needs are estimated to be five to ten times greater than current international adaptation finance flows – a gap that widens after 2030.
To address this situation, parties, and non-state actors, must come together, and explore possibilities for how to close the adaptation finance gap. The high-level dialogue on 21st September is an opportunity to discuss possible headways to adaptation.