Developing countries need up to $387bn a year to adapt to climate change but flows of international public cash are faltering at the same time as the effects of global warming become more disastrous, the UN has said.
The amount needed had increased by some $47bn since the last annual assessment by the UN Environment Programme, with the updated report released ahead of the COP28 climate summit where the question of funds for countries to cope with global warming is high on the agenda.
The UN found the “adaptation” finance needed to help developing countries to prepare and deal with the consequences of climate change was anywhere between 10-18 times more than international public finance flows.
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