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3rd November 2023 (10 Topics)

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.

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.

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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