The United Nations Environment Programme’s Adaptation Gap Report 2024 marks the urgent need for increased climate adaptation efforts. This report was released just before COP29, the 29th Conference of Parties to the United Nations Framework Convention on Climate Change. The report reveals the catastrophic impacts of climate change on developing countries. Recent flooding events in Nepal, Sudan, Nigeria, Niger, Cameroon, and Chad exemplify these challenges. These disasters have resulted in loss of life and displacement, largely attributed to global warming.
Current Financing Landscape
Adaptation finance for developing countries rose from $22 billion in 2021 to $28 billion in 2022. However, the actual needs are staggering, estimated at $387 billion annually until 2030. Achieving the Glasgow Climate Pact goal of doubling adaptation finance to $38 billion by 2025 would only marginally close the financing gap.
National Adaptation Plans
As of now, 171 countries have at least one national adaptation planning instrument. Yet, progress remains slow. Only 26 countries lack such instruments, and ten show no inclination to develop them. Many of these countries are conflict-affected and require support.
Challenges in Implementation
The report points out that half of the projects funded under the UNFCCC are either unsatisfactory or unsustainable in the long term. Current national adaptation plans lack the necessary scale and speed to address mounting climatic risks effectively.
Innovative Financing Solutions
To close the adaptation finance gap, innovative instruments are needed. These include risk finance, insurance-linked instruments, performance-based grants, and debt-for-adaptation swaps. Most current financing comes in the form of high-interest loans, exacerbating the debt burden on developing nations.
Transformational Adaptation
The report advocates for a shift from reactive to anticipatory adaptation strategies. Transformational adaptation requires action in sectors that are harder to finance. This approach was contentious at COP28, as many developing countries sought clarity on its definition.
Capacity Building and Technology Transfer
The transfer of technology and capacity building in developing countries is lagging. Developed nations need to fulfil their commitments to support these efforts to ensure effective adaptation.
Metrics and Indicators for Progress
The report emphasises the need for metrics and indicators to measure progress in national adaptation plans. Without these, understanding the effectiveness of adaptation strategies under the UAE Framework for Global Climate Resilience will be challenging.
Questions for UPSC:
- Discuss the importance of adaptation finance in combating climate change.
- Critically examine the challenges faced by developing countries in implementing national adaptation plans.
- Explain the concept of transformational adaptation and its significance in climate resilience.
- With suitable examples, discuss innovative financing solutions for climate adaptation in developing nations.
