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The costs for poorer countries to adapt to the consequences of climate change are around five to 10 times higher than current financial flows, and the gap is widening, a UN report said on Thursday, calling for a dramatic scale-up in financial aid.
The report by the United Nations Environment Program named The Gathering Storm was released to coincide with the COP26 climate summit in Glasgow, Scotland. It warns that the growth in climate impacts is far outpacing our efforts to adapt to them.
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It urges a focus on preparing for more extreme climate scenarios to reduce loss and damage, with the impacts of climate change such as floods and storms set to accelerate later this century irrespective of what we do to cut emissions now.
“Even as we look to step up efforts to cut greenhouse gas emissions — efforts that are still not anywhere strong enough — we must dramatically up our game to adapt,” said Inger Andersen, executive director of UNEP, in the report’s foreword.
Examples of adaptation projects include shoring up river banks against more severe floods or restoring coral reefs and mangroves to absorb waves from hurricanes.
Finance is a theme of the conference. African leaders reproached wealthier countries responsible for most past carbon emissions for failing to keep a pledge to provide $100 billion US a year.
The report estimates that adaptation costs for developing countries will likely be in the higher end of a range between $140-300 billion US a year by 2030 and $280-500 billion US a year by 2050.
However, it warns that adaptation finance flows are projected to stabilize or possibly even decline as a result of the COVID-19 pandemic as governments and institutions divert resources to meet urgent health needs.
It also said that only a small portion of the $16.7 trillion US COVID-19 fiscal stimulus has targeted climate adaptation, calling it a missed opportunity.