The latest release from the United Nations Environment Programme (UNEP), the Adaptation Gap Report 2022, has shed light on the global climate situation. It stresses that current efforts in planning, financing, and implementation are insufficient to adequately prepare vulnerable communities worldwide for the escalating risks caused by climate change.
The Findings of the Adaptation Gap Report 2022
According to the report, approximately one-third of the 197 parties to the United Nations Framework Convention on Climate Change (UNFCCC) have incorporated quantified and time-bound targets on adaptation into their plans. Notably, 90% of them have taken into account gender and disadvantaged groups.
However, international adaptation finance flows are far behind schedule. The gap between the required funds and available finances is increasing steadily. Finance for adaptation saw a modest rise to USD 29 billion in 2020, a small 4% increase over the previous year. This is particularly alarming considering the projected annual adaptation needs for developing countries range from USD 160 billion to USD 340 billion by 2030, and USD 315 billion to USD 565 billion by 2050.
Suggestions from the Report
To address this daunting challenge, the report suggests several strategic steps:
Firstly, it emphasises the need for a nature-based approach, linking actions on mitigation and adaptation in terms of planning, financing, and implementation. This approach includes consideration for gender and disadvantaged groups.
Secondly, the report underscored the urgent need for increased investments in adaptation, particularly on the part of developed nations, as agreed upon at COP26 in Glasgow.
Amidst this, the report also suggests a new business model, highlighting the existing mismatch between governmental proposals and what financiers consider investable. It further recommends implementing early warning systems against extreme weather events and a more effective use of climate risk data.
India’s Initiatives in Climate Finance
India has initiated several measures to combat climate change and bolster climate finance. The National Adaptation Fund for Climate Change (NAFCC), established in 2015, helps state and Union Territories, particularly vulnerable to climate change impacts, meet adaptation costs.
Additionally, the National Clean Energy Fund promotes clean energy research and development through an initial carbon tax on industrial coal use. The National Adaptation Fund, founded in 2014 with a corpus of Rs. 100 crores, aims to bridge the gap between available funds and requirements for combating climate change.
About United Nations Environment Programme (UNEP)
The UNEP, established on June 5th, 1972, is a leading authority in global environmental affairs. It sets the global environmental agenda, promotes sustainable development within the United Nations system and serves as an authoritative advocate for the environment. Its headquarters are located in Nairobi, Kenya.
About United Nations Framework Convention on Climate Change (UNFCCC)
The UNFCCC was signed in 1992 at the Earth Summit in Rio de Janeiro. The treaty, which India is among the few countries to have hosted all three Rio conventions, entered into force in 1994 and has been ratified by 197 countries. The UNFCCC Secretariat supports the global response to the threat of climate change, aiming to stabilise greenhouse gas concentrations in the atmosphere at a level that would prevent dangerous repercussions.
Momentum for Change: Climate Neutral Now Initiative
An initiative of the UNFCCC secretariat named “Momentum for Change: Climate Neutral Now”, launched in 2015, encourages individuals, companies, and governments to achieve climate neutrality through a three-step process: measure their climate footprint, reduce emissions as much as possible, and offset what they cannot reduce with UN certified emission reductions.
As the world grapples with climate change, reports like the Adaptation Gap Report 2022 provide crucial data for understanding our standing and planning our actions. The need for more proactive and comprehensive strategies to adapt to climate change has never been clearer, and the spotlight is now on international entities and individual nations to respond effectively.
