The UN Environment Programme’s (UNEP) 2026 Adaptation Gap Report warns that even tripling international public adaptation finance would meet no more than 29% of estimated needs. “The world is not ready to adapt to current climatic conditions, never mind what overshoot of 1.5°C will bring,” UNEP Executive Director Inger Andersen said.
International public adaptation finance reached between $28.2 billion and $31.7 billion in 2024, increasing by only about $1 billion from the previous year.
The estimated $305 billion requirement excludes private-sector adaptation needs, meaning the actual financing requirement could be twice as high.
Countries agreed at COP30 in Brazil to pursue a threefold increase in annual adaptation support by 2035.
However, projected funding of between $85 billion and $120 billion annually would cover only 20% to 29% of developing countries’ needs after inflation. “At COP31 in Türkiye and beyond, nations must focus on intensifying efforts to achieve the COP30 Global Mutirão aspiration of tripling adaptation finance by 2035,” Andersen said.
Andersen warned that countries would need to increase financing beyond that target “to save lives, avoid losses and damages and protect economies”.
The Report said countries could still achieve the earlier commitment to double adaptation financing from 2019 levels to $40 billion.
Multilateral development banks were likely to have increased adaptation financing substantially during 2024.
Financial flows between developing countries also increased from $3.8 billion in 2019 to $9.6 billion in 2024.
However, financing alone would not protect vulnerable communities without stronger institutions and faster implementation of adaptation projects.
Institutional barriers continued delaying programmes intended to strengthen resilience, while climate-related losses and damage were increasing.
The Report was released ahead of COP31 in Antalya, Türkiye, where governments will face pressure to provide clearer financing commitments for developing countries.
UNEP called for stronger institutions, accelerated implementation and substantially increased public and private investment to protect communities as global warming exceeds 1.5°C.
–UN/ChannelAfrica–
