The urgency of addressing climate change is emphasized by the IPCC, yet financial resources for climate adaptation are insufficient, particularly in developing nations. The Adaptation Gap Report 2023 outlines seven key approaches to bridge this gap.
Increasing international adaptation finance is crucial, as urged by the Glasgow Climate Pact, but additional measures are needed. Enhancing domestic expenditure, mobilizing private investments, leveraging remittances, and increasing financing for SMEs are proposed solutions. Reforming the global financial architecture and implementing Article 2.1(c) of the Paris Agreement are also essential. However, a tailored combination of these approaches is necessary for each region.
Collective action involving governments, private sectors, and international institutions is imperative. Bridging the financial gap in climate adaptation is not only an economic imperative but also a moral responsibility to ensure a sustainable and equitable future for all. Download the full article to explore these solutions further.