Climate change impacts globally have increased the urgency for ambitious action on adaptation. This is especially the case in the world’s most vulnerable regions, including Africa. This report covers global status and trends of adaptation finance and provides a deeper analysis of Africa at a regional level, given the heightened adaptation needs and opportunities on the continent. Across the globe, and especially in Africa, climate smart and resilient development pathways offer enormous investment opportunities with a triple dividend of avoided losses, positive economic gains, and enhanced social and environmental benefits.

This report assesses the state of adaptation finance globally and in Africa as follows:

• Section 1: Provides the latest analysis on the adaptation funding gap.
• Section 2: Summarizes tracked adaptation finance flows in 2021–2022.
• Section 3: Maps and evaluates institutional adaptation finance commitments and statements.
• Section 4: Assesses the type and efficacy of financial instruments deployed in practice for adaptation.
• Section 5: Reviews the challenges and barriers to tracking adaptation finance.
• Section 6: Presents—for the first time—analysis of the intersection between adaptation finance and humanitarian assistance, including emergency response funding and post-disaster reconstruction funding.