Investment in climate change initiatives has surged over the past two decades, but most funding targets mitigation—reducing carbon emissions—while adaptation efforts lag.
Despite reaching $63 billion in 2021-2022, adaptation financing falls short, meeting only 20-30% of the needs for developing countries by 2030. Urban areas, housing over half the global population, face significant climate challenges. Examples like Glasgow's Climate Adaptation Plan and Valencia's green initiatives highlight efforts to address these issues.
Barriers to adaptation financing include a focus on mitigation and lower returns on investment for adaptation projects. Innovative financial solutions can bridge this gap. The report explores strategies for attracting more private financing into the adaptation sector, highlighting the growing urgency of addressing climate adaptation issues.
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