Climate: UN report – money for climate adaptation is not enough

Nairobi. According to a recent UN report, there is a lack of money to deal with the consequences of climate change. In order to offset the consequences of climate change, the so-called Adaptation Gap Report from the UN Environment Program (UNEP) assumes an annual requirement of 305 billion US dollars by 2035.

However, the money that flows from industrialized countries to countries in the global south particularly affected by climate change would be far lower, according to the report presented in Nairobi. Even if current funding were tripled by 2035, it would only cover 20 to 29 percent of needs.

“The world is unprepared to adapt to current climate conditions – let alone what exceeding the 1.5 degree limit will entail,” said UNEP Director Inger Andersen. The report cites this year's summer heatwave in Western Europe and the flood disaster in Nepal as examples of the severe impacts of climate change. In the coming months there could also be the largest weather phenomenon ever observed, El Niño.

According to the report, in 2024 the funds from industrialized countries to developing countries reached a volume of 28.2 to 31.7 billion US dollars. That corresponds to an increase of one billion dollars compared to the previous year. At the same time, there is a steady increase in damage and losses caused by climate change.

UN Secretary General António Guterres emphasized that the financing gap cannot be measured in money alone, but also in human lives and lost future prospects. The most vulnerable people need quick and easy access to support, said Guterres. In addition to financial resources, he also called for increased political will. “The decision is simple: either we invest in adaptation measures today or we pay the price of a catastrophe tomorrow.”

UNEP boss Andersen called for further financial commitments at this year's World Climate Conference. “At the COP31 climate conference in Turkey and beyond, nations must step up their efforts to achieve the goal agreed at COP30 of tripling funding for adaptation by 2035,” Andersen stressed. “It must be clear that significantly greater resources will be required to save lives, prevent loss and damage and protect economies.”

But the report also shows positive signals. For example, the sums between developing countries increased. A total of $9.6 billion flowed through multilateral development banks and as part of direct South-South cooperation in 2024 - in 2019 it was still $3.8 billion. An increase in private financial flows was also noted.