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At least half of climate finance should be spent on adaptation

An iceberg is seen at the shore of a graveyard in Nuuk, Greenland, September 13, 2021.

Hannibal Hanschke | REUTERS

To mitigate the effects of climate change, the world will have to spend at least 50 percent of total climate finance on adaptation, such as shoring up land at risk from sea level rise and relocating people whose homes cannot be saved, said United Nations Secretary General António Guterres on Friday.

The problem is particularly acute in developing countries.

“Developing countries received only $16.8 billion dollars in 2018 – compared to adaptation costs of some $70 billion,” Guterres said.

“We must commit at least 50 per cent of climate finance to adaptation.”

The costs of climate adaptation in developing countries are expected to grow to as much as $300 billion dollars a year by 2030, he said.

Guterres, who was addressing the Major Economies Forum on Energy and Climate, also said that the world is not doing nearly enough to cut carbon emissions, setting us on a disastrous path for climate change, said the United Nations Secretary General António Guterres on Friday.

“The world is on a catastrophic pathway to 2.7 degrees of heating,” Guterres said. “We need a 45% cut in emissions by 2030 to reach carbon neutrality by mid-century.”

The latest Nationally Determined Contributions report, slated for publication on Friday ahead of the COP 26 conference in November, contains information about what countries must do to reach the goals set out in the 2015 climate agreement signed in Paris. According to that report, emissions are still increasing, Guterres said.

“Today’s data implies an increase of 16 per cent in emissions in 2030 compared to 2010 levels,” he said.

Specifically, Guterres called out coal production.

“If all planned coal power plants become operational, we will not only be clearly above 1.5 degrees — we will be well above 2 degrees. The Paris targets would go up in smoke,” Guterres said. “We need coalitions of solidarity – between countries that still depend heavily on coal, and countries that have the financial and technical resources to support transitions.” 

He also warned of a “high risk of failure of COP26,” referring to the on 31 October through 12 November.

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