“Urgent Call for Clear and Enforceable Adaptation Targets in Climate Finance”

The urgency of addressing climate finance and adaptation targets has taken center stage at COP29 in Baku, where negotiations are facing significant challenges. Mattias Söderberg, Bertha Argueta, Cristina Rumbaitis del Rio, and Ana Mulio Alvarez are among the experts emphasizing the critical need for clear and enforceable adaptation targets to assist vulnerable countries in coping with the impacts of climate change.

The current lack of progress on adaptation financing is a major concern, as the costs associated with climate change continue to rise. According to the UN Environment Programme, there is a substantial gap in adaptation finance, estimated to be between US$194 billion to US$366 billion per year. Despite commitments from developed nations to double adaptation finance, skepticism remains about the transparency and reporting of these funds, creating challenges in negotiations.

The Adaptation Fund, with a fundraising target of $300 million, exemplifies the struggles in securing adequate resources for adaptation initiatives. While larger funds like the Green Climate Fund exist, the Adaptation Fund remains underfunded, with pledges at COP29 falling short of one-third of the target. This highlights the need for stronger language in the New Collective Quantified Goal (NCQG) to prioritize adaptation financing moving forward.

Negotiators at COP29 are discussing the quantum, contributor base, and structure of the NCQG, but it is crucial that adaptation is given priority within this framework. Countries like the Least Developed Countries (LDCs) and the Alliance of Small Island States (AOSIS) are advocating for specific sub-targets or floors for adaptation finance to compel developed nations to allocate necessary funding.

Historically, climate finance has favored mitigation projects over adaptation, but this trend must change. The NCQG should establish clear and enforceable targets for adaptation funding to increase financial flows and empower countries to set their own national targets for adaptation finance.

With only days left at COP29, negotiators must focus on adaptation needs to secure strong commitments towards adaptation finance. The financial commitments made at this conference will significantly impact vulnerable nations’ ability to cope with climate change and meet their obligations under international agreements like the Paris Agreement.

Failure to act decisively will worsen existing vulnerabilities and impede global efforts to combat climate change effectively. A robust NCQG that prioritizes adaptation will not only address immediate funding gaps but also build trust between developed and developing nations, essential for collective action against climate change.