According to Adaptation Gap Report, the money being made available to developing countries for adaptation measures has been declining, and nowhere close to the scale of requirement.
About Adaptation Gap Report
- It is annually published by the United Nations Environment Programme (UNEP) since 2014.
- The aim of the reports is to inform national and international efforts to advance adaptation.
- It provides an update on the global status and progress of the adaptation process across three elements: planning, financing, and implementation.
- It complements the Emissions Gap Report series, and explores the implications of failing to close the emissions gap.
- It is co-produced by the UNEP Copenhagen Climate Centre (UNEP-CCC) and the World Adaptation Science Programme (WASP).
Key findings of the report
- It is estimated that adaptation costs will increase significantly by 2050 for most sectors, especially under high-warming scenarios.
- The adaptation finance needs are 10-18 times as high as the current international public adaptation fund flows.
- The world countries must urgently cut greenhouse gas emissions and increase adaptation efforts to protect vulnerable populations.
- In 2021, funding by developed countries to developing countries for adaptation projects was 15% lower than the previous years.
- It identifies seven ways to bridge the adaptation gap, which include an increase in international finance flows, and greater domestic mobilisation of resources.
- Also it calls for a reform of global financial architecture, to ensure greater and easier access to finance for climate-related purposes from multilateral agencies the World Bank or the IMF.
Q1) What is the United Nations Environment Programme?
It is a specialized agency of the United Nations system dedicated to addressing global environmental issues and promoting sustainable development. UNEP was established in 1972 and has its headquarters in Nairobi, Kenya. It acts as the principal voice for environmental matters within the United Nations.