State and Trends in Climate Adaptation Finance 2023

credit: Kingston University London

A new report from the Climate Policy Initiative and the Global Center on Adaptation finds that the amount of money governments need to prepare for climate change is growing faster than the amount of money governments can afford to spend.

The report finds that over the past two years, the amount of money governments need to prepare for climate change has increased by $1.2 trillion, but the amount of money governments can afford to spend is shrinking.

The report finds that the gap between the amount of money governments can afford to spend and the amount of money they need to spend is growing by about $500 billion a year.

"The global adaptation funding gap continues to widen concerningly, driven by accelerating climate impacts and relatively slower growth in adaptation finance flows," the report states.

In Africa, for example, the gap between the amount of money governments can afford to spend and the amount of money they need to spend is growing by more than 300% over the past five years, the Guardian reports.

The report calls for a "wider range of financial approaches" to close the gap, including debt-for-climate adaptation swaps, which would allow governments to swap their debt for cash to help mitigate the effects of climate change.

The report was released ahead of the UN climate change summit in Paris next week, where countries will

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