Fatshimetry is a critical area today, with considerable challenges in terms of financing for climate change adaptation. Indeed, at the recent COP 29 conference in Baku, Azerbaijan, the urgency was underlined for the most industrialized nations to honour their commitments on financing climate adaptation.
United Nations Secretary-General Antonio Guterres reiterated during a panel event during the annual climate talks that these developed countries must absolutely respect their commitment to double adaptation finance to at least US$40 billion per year by 2025. He also stressed the need for significant contributions to the new Loss and Damage Fund, and the importance of channelling innovative financing into this crucial area.
The numbers speak for themselves: international flows of public adaptation finance to developing countries have increased from $22 billion in 2021 to $28 billion in 2022. This reflects progress towards the targets set in the 2021 Glasgow Accord, which called on developed nations to at least double adaptation finance to developing countries, from around $19 billion in 2019 to 2025.
However, even if the Glasgow Accord target were met, the adaptation finance gap, estimated at between $187 billion and $359 billion per year, would be reduced by only around 5 per cent. The challenges therefore remain immense, as the representative of Kenya pointed out, in the face of urgent and critical issues.
Africa, which is particularly vulnerable to the impacts of climate change, must imperatively benefit from the financing promised by wealthier nations. Adapting to extreme climate events, protecting biodiversity, and increasing renewable energy capacity are all priorities for the African continent.
It is crucial that Africa is not only affected by the consequences of climate change, but that it can also benefit from the opportunities and advantages linked to the transition to sustainable economies. This transition must not only strengthen Africa’s resilience, but also offer jobs and future prospects to younger generations.
Faced with a reality where African countries suffer a loss of their GDP of up to 5% due to climate change, and devote up to 9% of their budgets to adaptation policies, it is imperative that concrete actions and adequate financing are put in place to support this necessary transformation.
In short, financing for adaptation to climate change is a crucial and urgent issue, both for developed and developing countriesIt is imperative that the promises made at international conferences are translated into tangible actions and significant funding, in order to protect the most vulnerable populations, strengthen the adaptation capacities of exposed countries, and promote a transition towards sustainable and resilient economies in the face of the challenges of climate change.