“COP29 Leaders Urgently Call for Climate Adaptation Funding, But Will Countries Step Up?”

At the COP29 climate summit in Azerbaijan, leaders are highlighting the urgent need to protect people from the impacts of extreme weather and rising seas. However, despite the calls for action, there is a significant lack of funding available to support adaptation measures, according to officials at the summit.

The Adaptation Fund, which has been working to build resilience to extreme weather and rising seas for the past 15 years, only managed to secure around $61 million in contributions from donor countries at a recent fundraising event. This falls far short of the annual goal of $300 million needed to support vulnerable countries and communities in adapting to climate change.

UN Secretary-General Antonio Guterres and UN climate chief Simon Stiell have both emphasized the importance of filling the gap in adaptation funding, which could reach $187 billion to $359 billion per year by 2030. Despite these warnings, donor governments have been reluctant to make new financial pledges to support adaptation efforts.

The lack of funding for adaptation projects is particularly concerning given the increasing frequency and severity of extreme weather events around the world. Projects supported by the Adaptation Fund range from helping smallholder farmers protect their harvests from droughts and floods to making schools more resilient to disasters in Africa, Asia, and Latin America.

While some European countries have made pledges to support the Adaptation Fund, others, including the UK and the European Union, have not yet committed to contributing. The Least Developed Countries (LDC) Fund, which is also designed to help vulnerable countries adapt to climate change, has had to suspend a planned pledging event at COP29 due to uncertainty about funding.

Despite rich countries’ promises to double their finance to help developing nations adapt to climate change, the current level of funding falls far short of what is needed to build resilience to extreme weather and rising seas. Without additional financial support, the Adaptation Fund risks running out of money to support vital projects.

Officials at the summit remain hopeful that more funding will be forthcoming for vulnerable countries, but the current lack of financial pledges is a significant concern. As the impacts of climate change continue to worsen, the need for urgent action and adequate funding to support adaptation efforts is more critical than ever.