Rich countries falling short on climate adaptation finance

Richer countries are only halfway to delivering the $40bn a year promised to poorer countries to aid them in the transition to be more sustainable.

The International Institute for Environment and Development (IIED) has delivered the verdict after the climate adaptation finance promised at COP26, and comparative analysis suggests a current shortfall of $18.2bn by 2025 on promises made in Glasgow.

IIED’s analysis of countries’ own reporting of the climate finance they have provided and the pledges they made at COP26, to enable comparability among donors, suggests rich countries will provide $10.8bn in climate finance for adaptation bilaterally by 2025, with multilateral organisations providing a further $11bn, a total of $21.8bn when the promised target is $40bn per year.

IIED’s analysis suggests of 22 bilateral providers, two – France and Sweden – have pledged over their fair share. Five more – the Netherlands, New Zealand, the UK, Denmark and Germany – are at least halfway towards providing their fair share of finance for adaptation.

The US, Australia, Austria, Canada, Italy, Japan, Spain, Luxembourg, Ireland, Switzerland, Norway, Finland, Iceland, Belgium and Portugal are all named as failing to fulfil their promises.

Clare Shakya, director of climate change research at IIED, said: “Pledges made so far show rich countries are falling short. Our analysis demonstrates what it would take to show greater ambition and achieve a doubling of finance for adaptation by 2025. Every cent, shilling and rupee invested as adaptation finance should have as its primary objective, adaptation to the impacts of climate change.”

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