The Adaptation Gap Report 2024 finds that attempts to address rising impacts of climate change are being hampered by the huge gap that exists between adaptation finance needs and current international public adaptation finance flows.

United Nations Environment Programme (UNEP) report finds that nations must dramatically increase climate adaptation efforts, starting with a commitment to act on finance at COP29.

"Climate catastrophe is hammering health, widening inequalities, harming sustainable development, and rocking the foundations of peace," UN secretary-general António Guterres said. "We need developed countries to double adaptation finance to at least $40bn a year by 2025 – an important step to closing the finance gap. We need to unlock a new climate finance goal at COP29."

International public adaptation finance flows to developing countries increased from $22bn in 2021 to $28bn in 2022: the largest absolute and relative year-on-year increase since the Paris Agreement. This reflects progress towards the Glasgow Climate Pact, which urged developed nations to at least double adaptation finance to developing countries from about $19bn in 2019 by 2025. However, even achieving the Glasgow Climate Pact goal would only reduce the adaptation finance gap by approximately five per cent.

Given the scale of the challenge, the UN sees bridging the adaptation finance gap will also require innovative approaches to mobilise additional financial resources, including private sector finance schemes that de-risk by using public finance.

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