Adaptation gap report 2023

This report finds that progress on climate adaptation is slowing when it should be accelerating to catch up with these rising climate change impacts. It looks at progress in planning, financing and implementing adaptation actions and finds that the adaptation finance needs of developing countries are 10-18 times as big as international public finance flows. This is over 50 per cent higher than the previous range estimate.

The modelled costs of adaptation in developing countries are estimated at US$215 billion per year this decade. The adaptation finance needed to implement domestic adaptation priorities is estimated at US$387 billion per year. The report identifies seven ways to increase financing, including through domestic expenditure and international and private sector finance. Additional avenues include remittances, increasing and tailoring finance to Small and Medium Enterprises and a reform of the global financial architecture. The new Loss and Damage fund will also need to move towards more innovative financing mechanisms to reach the necessary scale of investment.