How we as European climate envoys are backing action on adaptation finance

(Climate Home News, 29 Oct 2021) This week saw the release of the delivery plan on the commitment by developed countries to mobilise US$100 billion in annual climate finance. Landing the week before the Cop26 summit in Glasgow, the plan demonstrates that the $100bn goal is on course to be surpassed by 2023.

Major gaps still remain to be filled – in particular, in efforts to scale up adaptation finance and make this finance more accessible to developing countries.

Figures show that in 2019, only one of every four dollars of finance mobilised toward the $100bn went to adaptation finance, with insufficient support reaching least developed countries and small island developing states on the frontlines of impacts. There is a need for a more balanced approach and a clearer focus on those most in need.

The recent IPCC science is a stark reminder that, even at 1.5C of global warming, there is a need to adapt to inevitable climate impacts. While climate change is global, the impacts are skewed. Least developed countries and small island developing states – those least responsible for the causes of climate change – are hardest hit, with local communities in these countries suffering the most.

For these countries, adapting to climate change is not a choice. It is a necessity. And it needs to be done at greater speed and scale.

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Climate Home News, 29 Oct 2021: How we as European climate envoys are backing action on adaptation finance

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