Climate change finance warning from UN

The United Nations Environment Program (UNEP) published the Adaptation Gap 2026 Report with the title "Are We Ready? Not Yet". The report reveals that adaptation efforts are critical to reduce risks, strengthen resilience and support more inclusive development in the face of the intensifying effects of climate change.

According to the report, international public adaptation financing transferred from developed countries to developing countries increased by only 1 billion dollars annually, reaching 31.7 billion dollars in 2024.

However, this amount remains well below the adaptation financing needs of developing countries, which are estimated to reach $305 billion annually by 2035.

Even if the target of tripling international public financing flows to developing countries by 2035, announced at the 30th Conference of the Parties (COP30) of the UN Framework Convention on Climate Change held in Brazil last year, is achieved, these resources will only be able to meet at most 29 percent of the financing these countries need to cope with increasingly severe climate impacts.

Financing flow must accelerate

Financing flows to least developed countries and small island states decreased after the peak they reached in 2022, although they increased in real terms in the 2019-2024 period.

While the global temperature increase is expected to exceed the 1.5 degree threshold compared to the pre-industrial period, UNEP called for increased financing flows, especially to developing and underdeveloped countries, for adaptation to the negative effects of increasing temperatures.

In her assessment of the report, UNEP Executive Director Inger Andersen said, "While the world is not even ready to adapt to current climate conditions, there is no need to mention what exceeding the 1.5 degree global warming threshold will bring."

Noting that countries should focus on increasing adaptation financing during and after COP31, which will be hosted by Türkiye on November 9-20, Andersen said, "Countries should focus on intensifying their efforts to achieve the Global Mutirao target, which was set at last year's COP30 and envisages tripling adaptation financing by 2035. However, they should also understand that they will need to increase financing to much higher levels in order to save lives, prevent losses and damages, and protect economies." made his assessment.