Climate Politics

Climate Finance Gap Is Widening With Rich Nations Falling Short on Promises

Countries need to build infrastructure to adapt to climate
UN to introduce a mechanism for accelerating project funding

Flooded water surround the New Jhoolay Lal Cotton Ginners & Oil Mill in Sanghar district, Sindh province, Pakistan, on Saturday, Sept. 10, 2022. About 45% of the output from Pakistan, the worlds fifth-largest cotton producer, was destroyed by extreme flooding, forcing the country to spend $3 billion to import the raw material for its textile industry.Photographer: Asim Hafeez/Bloomberg

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By John Ainger

November 3, 2022 at 10:00 AM UTC

This article is for subscribers only.

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.