The world’s poorest countries will need up to $340 billion a year to adapt their economies to a rapidly changing climate by the end of this decade, yet rich countries are failing to keep pace, according to a new report from the United Nations Environment Programme.
Estimated adaptation costs are as much as ten times higher than what developing countries are currently receiving in terms of finance, and the widening gap needs to be plugged if they are to avoid the worst impacts of climate change, according to the UN report. Adaptation flows reached $29 billion in 2020, an increase of 4% from the year before.
