Facts for Prelims (FFP)
Source: DTE
Context: Adaptation Gap Report 2023 released by the United Nations Environment Programme
What is an Adaptation Gap?
The Adaptation Gap is the difference between the funds needed to adapt to climate change in countries (generally developing and least developed countries) and the actual financial support received. For instance, developing countries require $215-387 billion annually for climate adaptation, but they are only receiving about $21 billion.
Major findings from the 2023 Adaptation Gap Report:
| Highlights | Recommendations |
| Adaptation finance needs are 10-18 times higher than current public flows. | Developed countries should double their climate finance for adaptation from 2019 levels by 2025. |
| Adaptation costs are expected to significantly increase by 2050. For example, coastal protection costs will rise due to sea-level rise. | The report emphasizes the need for urgent climate action in three domains: mitigation, adaptation, and addressing loss and damage. |
| The adaptation finance gap is expanding. | Increase and improve budget tagging and tracking for integrating adaptation into budget planning. |
| Action plan on loss and damage has overlooked non-economic losses like cultural heritage and indigenous knowledge. | Mobilize private investments, by methods like resilience bonds, and insurance. |
| Only 2% of gender-tagged international adaptation finance is gender-responsive. | Leverage remittances which often contribute significantly to Gross Domestic Product. Financing Small and Medium Enterprises (SMEs), stimulating them to offer adaptation-relevant products and services |
