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People walk on a temporary bamboo path near their flooded house in southeast Pakistan's Sindh province, August 29, 2022. /CFP
Climate change impacts battering vulnerable countries threaten to outstrip efforts to adapt to global warming, the UN warned Thursday, with a "significant" amount of international funding help recycled from other purposes.
Many emerging economies, which are least to blame for the fossil-fuel gases that stoke global warming, are among the most exposed to climate impacts, such as worsening droughts, floods and cyclones.
Current international finance flowing to developing countries is between 5 and 10 times below what is needed, the United Nations Environment Program report said.
In 2020, money from donor nations set aside for helping poorer countries adapt to climate change was just $29 billion — far below the $340 billion per year that could be needed by 2030.
Funding to help them adapt to accelerating impacts and curb emissions is one of the thorniest issues at UN climate negotiations, which begin their latest round in Egypt on Sunday.
"It's time for a global climate adaptation overhaul," said United Nations Secretary-General Antonio Guterres in a media statement, noting he had asked green climate funds to work with public and private financiers to pilot a new accelerator for the adaptation investment.
The accelerator will help financiers work with developing countries to invest in their adaptation priorities and specific projects.
Adaptation funds are often put into programs like improving food security by planting crops that are resilient to heat and drought, or in infrastructure, such as sea walls to help keep rising waters at bay.
(With input from AFP, Reuters)
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Disinformation report hotline: 010-85061466