According to a report released on Thursday, the globe is doing a poor job of raising money to aid impoverished nations in adapting to the more hazardous effects of climate change.
Hundreds of billions of dollars are required to protect nations against changes that have occurred considerably quicker than scientists had predicted, in addition to finding the money and political will to reduce emissions and stop global warming.
According to the United Nations Environment Programme assessment, the amount of foreign funding currently going to poor nations is five to ten times less than what is required.
Just $29 billion had been put aside by donor countries as of 2020, which is a far cry from the $340 billion annually that could be required by 2030 to assist poorer countries in adapting to climate change.
In a message to the media, United Nations secretary-general Antonio Guterres declared, ‘It’s time for a global climate adaptation makeover,’ adding that he had invited green climate funds to collaborate with both public and private financiers to test a new accelerator for adaptation investment.
The accelerator will support lenders as they collaborate with developing nations to fund their adaptation goals and particular projects.
Funds for adaptation are frequently invested in initiatives like enhancing food security by cultivating drought- and heat-tolerant plants, or in infrastructure like sea walls to help contain rising sea levels.