Adaptation Gap Report 2023

Published: 10th Nov, 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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