Current international finance flowing to developing countries is between 5 and 10 times below what is needed, the United Nations Environment Programme report said. COP27 READ:
LONDON, United Kingdom – The world is falling far short at rounding up money to help struggling nations adapt to the increasingly dangerous impacts ofand political will to slash emissions and contain global warming, hundreds of billions of dollars are needed to protect countries from changes that have happened much faster than scientists had anticipated.
“It’s time for a global climate adaptation overhaul,” said United Nations secretary-general Antonio Guterres in a media statement, noting he had asked green climate funds to work with public and private financiers to pilot a new accelerator for adaptation investment. Adaptation funds are often put into programs like improving food security by planting crops that are resilient to heat and drought, or in infrastructure, such as sea walls to help keep rising waters at bay.
At COP27 in Sharm El Sheikh, Egypt, beginning November 6, countries “must present a credible roadmap with clear milestones on how this will be delivered – preferably as grants, not loans,” said Guterres.Africa, in particular, has struggled to respond to worsening weather extremes. Current annual adaptation spending on the continent is $11.
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