Adaptation Gap Report 2024 Calls for New Commitment on Finance at COP 29

The 2024 edition of the UN Environment Programme’s (UNEP) Adaptation Gap Report reveals that international public adaptation finance flows to developing countries increased from USD 22 billion in 2021 to USD 28 billion in 2022, marking the largest absolute and relative year-on-year increase since the adoption of the Paris Agreement on climate change. However, the report underscores, this falls far short of closing the adaptation finance gap, now estimated to be between USD 187 billion and 359 billion per year.

While the increase in climate adaptation finance reflects progress towards the Glasgow Climate Pact, which urged developed countries to at least double adaptation finance to developing countries by 2025 (from USD 19 billion in 2019), more is needed. The report calls for the 2024 UN Climate Change Conference (UNFCCC COP 29) to adopt a strong new collective quantified goal for climate finance (NCQG) and to include stronger adaptation components in the next round of nationally determined contributions (NDCs), due in 2025.

Titled, ‘Come Hell and High Water,’ the report warns that “global average temperature rise is approaching 1.5°C above pre-industrial levels” and that the latest predictions from the Emissions Gap Report 2024 put the world on course for a rise of 2.6-3.1°C this century, absent immediate and major cuts to greenhouse gas (GHG) emissions. As climate impacts intensify and hit the world’s most vulnerable hardest, the report underscores the need to “dramatically step up adaptation,” starting with a commitment on finance at COP 29.

With 171 countries having at least one national adaptation policy, strategy, or plan in place, the report finds that adaptation planning and implementation are “generally increasing,” but not fast enough, necessitating more ambition and support.

To unlock adaptation finance from both the public and private sectors, the report calls for enabling factors, new approaches, and financial instruments. Emphasizing the need for greater volumes of adaptation finance and a more strategic approach to investment, the report states that “the question of who pays for adaptation is… not being adequately addressed.”

Outlining the central role of capacity building and technology transfer in enhancing adaptation in developing countries, the report argues that “changes to how they work are needed to accelerate adaptation actions on the ground.” Among other actions, it recommends that:

Interventions mobilize existing capacities, provide a balanced emphasis on technologies and enabling conditions, and place gender equality and social inclusion considerations at their center;
Capacity building and technology transfer plans support adaptation across sectors, scales, and development priorities; and
Adaptation strategies be developed based on a holistic understanding of the needs.

“A more robust evidence base is [also] needed,” the report argues, “including evidence from monitoring and evaluation on the capacity and technology needs, which approaches work, and their actual costs.”

In his video message for the launch of the Adaptation Gap Report 2024, UN Secretary-General António Guterres said “2024 is on track to be the hottest year ever recorded.” He called for urgent action in four areas: clearly stating adaptation planning, financing, and implementation needs in the new round of NDCs; protecting all by effective early warning systems by 2027; unlocking an NCQG to ensure “a massive increase in adaptation finance from public and private sources”; and the Group of 20 (G20) leading on limiting global warming to 1.5°C by cutting emissions 9% each year to 2030, phasing out fossil fuels “fast and fairly,” and accelerating “the renewables revolution.”

Stressing the need for an ambitious NCQG at COP 29 in a press statement, UNEP Executive Director Inger Andersen called for “well-financed and effective adaptation that incorporates fairness and equity.”

The Adaptation Gap Report 2024 was launched on 7 November, less than a week before the start of the UN Climate Change Conference in Baku, Azerbaijan. UNEP’s annual assessments of the global progress on adaptation planning, financing, and implementation are available for 2023, 2022, 2021, 2020, 2018, 2017, 2016, 2015, and 2014. [Publication: Adaptation Gap Report 2024: Come Hell and High Water] [Executive Summary] [Key Messages] [Publication Landing Page] [UNEP Press Release] [UN News Story]