Even with the largest annual increase to date, the amount of funding given to developing nations to aid in their adaptation to the effects of climate change falls well short of the $359 billion required annually, according to a UN report released on Thursday.
According to the annual UN Environment Programme report, funding from the developed world increased by $6 billion to $28 billion in 2022, the highest amount in a single year since the 2015 UN Paris Agreement to try to mitigate the effects of global warming.
The next round of climate talks, known as COP29, will take place in Azerbaijan from November 11 to 22. This year has been characterized by extreme weather made worse by climate change, such as drought in Brazil and floods in Bangladesh.
The talks in Baku are anticipated to focus on how much wealthier nations agree to send to underdeveloped nations to help them cope.
Communities everywhere are already suffering from climate change, especially the most vulnerable and impoverished. Homes are being flattened by raging storms, forests are being destroyed by wildfires, and landscapes are being deteriorated by drought and land degradation,” stated UNEP Executive Director Inger Andersen in a statement.
“Without action, this is a sneak peek at what lies ahead and why there is no justification for the world to not take adaptation seriously right now.”
Building flood defenses against rising sea levels, planting trees in urban areas to defend against extreme heat, and making sure infrastructure can endure hurricanes are all covered by adaptation finance.
Countries want not only the funding but also instructions on how to spend it.
According to the research, a tiny number of fragile or conflict-affected governments have no policy, strategy, or plan in place, while 171 countries have one, albeit with varying degrees of quality.
According to a different UN research released last month, global warming is expected to reach 2.6–3.1 degrees Celsius over the pre-industrial average by 2050, surpassing the target of 1.5 degrees Celsius.
