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Adaptation Gap Report 2023
Context:
According to the 2023 Adaptation Gap Report, the adaptation gap is growing even as climate change continues to create disasters across the globe.
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Adaptation Gap: The difference between estimated financing needs and costs of adapting to climate change and finance flows in developing countries. |
Highlights of the Report:
- About: The report released by the United Nations Environment Programme (UNEP).
- The report mentions that, the Developing countries will require 387 billion dollars per year for the next decade to implement projects that will assist them in adapting to climate change.
- This figure makes up between 6 per cent and 1 per cent of all developing countries’ GDP combined.
- The report estimates that adaptation costs will increase significantly by 2050 for most sectors, especially under high-warming scenarios.
- For example, the annual costs of adaptation for coastal protection will go up with sea-level rise by 2050.
- The world has already warmed up by 1 degrees Celsius since the preindustrial era.
- Current climate action is inadequate to meet the Paris Agreement goal, which aims to limit temperature rise to 2°C, preferably to 5°C above the preindustrial levels.
- Adaptation projects in developing countries receive funding from public and private sources.
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Multilateral development banks, including the World Bank, are the largest providers of adaptation finance. |
- However, their financial commitments decreased by 11 per cent in 2021 after seeing an increase from 2017 to 2020.
Significance of the report:
- The Adaptation Gap Report, published every year, examines how well the world is preparing for climate change.
- It looks at the ways countries are planning, financing, and implementing the projects they will need to endure droughts, floods, rising seas, and other climate-related challenges.
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