Climate funding fall shows action 'stalling' as needs grows: UN
By Kelly MACNAMARA
Paris (AFP) Nov 2, 2023
International funding for climate resilience in developing countries slumped in 2021 despite increasingly ferocious impacts, the United Nations said Thursday, as Secretary-General Antonio Guterres warned action was "stalling" even as the need to protect people increases.
Many developing economies least to blame for the greenhouse gases that stoke global warming are among the most exposed to the costly and destructive effects of worsening weather extremes and rising seas.
But in its latest annual assessment of climate preparedness funding, the UN Environment Programme (UNEP) found that public finance to developing countries fell 15 percent to around $21 billion in 2021 -- the most recent year for which figures are available.
Meanwhile, the overall annual funding that developing countries need to adapt to climate impacts this decade is projected to have increased to as much as $387 billion, UNEP said.
"Storms, fires, floods, drought and extreme temperatures are becoming more frequent and more ferocious, and they're on course to get far worse," Guterres said in a statement, adding that the need to protect people and nature was "more pressing than ever".
"Yet, as needs rise, action is stalling," he said.
World leaders meeting at this year's climate talks in the United Arab Emirates will face a tough reckoning over financial solidarity between rich polluters and vulnerable nations, as a failure to cut planet-heating emissions threatens the Paris deal's global warming limits.
"The world must urgently cut greenhouse gas emissions and increase adaptation efforts to protect vulnerable populations," said Inger Andersen, Executive Director of UNEP, in the foreword to the Adaptation Gap report.
"Neither is happening."
- Damage control -
As the world warms, climate change impacts increase and so too do the costs of preparing for them.
Richer countries promised in 2009 to provide $100 billion a year to finance both adaptation and emissions cuts in developing countries by 2020.
But it only reached $83 billion that year, according to the most recent figures available from the Organisation for Economic Co-operation and Development.
Failure to meet the target on time has damaged trust in international climate negotiations.
"Developing countries stand ready, awaiting the necessary funds to safeguard their people against imminent climate disasters," said Harjeet Singh, head of global political strategy at campaign consortium Climate Action Network International.
"Without timely adaptation, we are setting the stage for unimaginable loss of lives and livelihoods caused by relentless floods, raging wildfires, and surging seas."
UNEP said its analysis found that public financing for adaptation dropped to $21.3 billion in 2021, from $25.2 billion in 2020.
It said the fall set a "worrying precedent", particularly because it came in a year that saw wealthy nations pledge at UN climate talks in Glasgow to double annual adaptation funding by 2025, from 2019 levels, to $40 billion.
Report co-author Paul Watkiss said it was too soon to discern a trend, although international circumstances remain "challenging", going from the Covid-19 pandemic in 2021, to Russia's invasion of Ukraine the following year.
After a major update to its methods, UNEP said it now expects developing countries to need more funds to prepare for climate impacts, giving a range of between $215 billion to $387 billion per year this decade
.
That is based on the difference between the costs of adaptation calculated using computer models and financing needs implied by countries' published national climate plans, if they have them.
UNEP said this amounts to roughly one percent of gross domestic product in developing countries on average, but in the least developed countries and vulnerable small islands it is around 2 percent of GDP.
Even if wealthy governments meet their promise of doubling adaptation finance by 2025, the gap between available funding and needs would still be vast, UNEP said, proposing a range of additional sources of money.
These include international and private sector finance, and reforms proposed by developing countries of the World Bank and International Monetary Fund to align with climate priorities.
Adaptation is a good investment, the report stressed, citing research that every billion spent on adaptation against coastal flooding leads to a $14 billion reduction in economic damages.
The failure to cut emissions is already causing intensifying climate impacts, slamming communities and causing growing losses and damages.
This led to an agreement at last year's climate talks in Egypt for a new fund to help vulnerable nations.
Guterres said one stream of funding for this should come from a windfall tax on the fossil fuel industry.
"Fossil fuel barons and their enablers have helped create this mess; they must support those suffering as a result," he said.
Artificial Intelligence Analysis
Objectives:
To analyze climate preparedness funding in developing countries and to assess the need for increased action in order to protect vulnerable populations from the increasingly destructive effects of global warming. Current State-of-the-Art and its Limitations:
Currently, public finance to developing countries has fallen 15 percent to around $21 billion in 2021, while the overall annual funding that developing countries need to adapt to climate impacts this decade is projected to have increased to as much as $387 billion. Whats New in the Approach and Why it Will Succeed:
World leaders meeting at this years climate talks in the United Arab Emirates will face a tough reckoning over financial solidarity between rich polluters and vulnerable nations, as a failure to cut planet heating emissions threatens the Paris deals global warming limits. The world must urgently cut greenhouse gas emissions and increase adaptation efforts to protect vulnerable populations. Target Audience and Impact if Successful:
The target audience is the world leaders meeting at the United Arab Emirates climate talks. If successful, the impact would be increased financial solidarity between the rich polluters and vulnerable nations, which would help reduce the impacts of global warming on vulnerable populations. Risks Involved in Pursuing this Approach:
The risks involved in pursuing this approach include the possibility that world leaders will not reach an agreement on financial solidarity, which could result in a lack of funding to protect vulnerable populations. Cost of Pursuing this Approach:
The cost of pursuing this approach will depend on the agreement reached by world leaders, but it is likely to be substantial.Timeline for Achieving Results:
The timeline for achieving results will depend on the agreement reached by world leaders, but it is likely to take several months to implement any agreement. Mid-term and Final
Success Metrics:
The mid-term success metrics could include increased funding to developing countries to help protect vulnerable populations, as well as reduced greenhouse gas emissions. The final success metrics could include a reduction in the impacts of global warming on vulnerable populations.
Score: 8/10
This proposal clearly articulates the objectives, assesses the current state-of-the-art and its limitations, explains whats new in the approach and why it will succeed, identifies the target audience and the impact if successful, evaluates the risks involved in pursuing this approach, estimates the cost of pursuing this approach, estimates the timeline for achieving results, and identifies mid-term and final success metrics. It is well-suited to attract DARPA’s attention.
This AI report is generated by a sophisticated prompt to a ChatGPT API. Our editors clean text for presentation, but preserve AI thought for our collective observation. Please comment and ask questions about AI use by Spacedaily. We appreciate your support and contribution to better trade news.
