Climate adaptation funding faces $280 billion annual gap

As the COP31 United Nations Climate Change Conference approaches in Turkey, experts are highlighting a significant gap in climate change adaptation efforts. While global economies face increasing disruptions from extreme heat, rainfall, and cyclones, current financing for adaptation remains insufficient. The UN Environment Programme estimates that developing nations will require between $310 billion and $365 billion annually through 2035, leaving a funding gap of approximately $280 billion.

A new working paper suggests that current investment pipelines often overlook the necessity of climate-adapted care services. These services are essential for helping families prepare for and recover from climate-induced hazards. The report notes that the lack of coordinated services and climate-adapted infrastructure contributed to at least 35,000 excess deaths during recent heat waves in Europe. Furthermore, extreme weather events like floods and wildfires often displace families, disrupting the household-based care systems that vulnerable populations rely on.