To put adaptation plans into action, funding is required. And this funding is not forthcoming. We will require between 160 and 340 billion USD annually for adaptation by 2030. In 2020, international flows of adaptation financing to developing nations will reach USD 29 billion. This leaves a gap to be filled that is between five and ten times the size of the adaptation funding that arrived in 2020.
The message of this report is unmistakable: starting at COP27 in Sharm El-Sheikh, Egypt, nations must adhere to the Glasgow Climate Pact with robust action. We require a rapid acceleration in scientific research, innovative planning, sufficient funding and implementation, and a strengthening of international cooperation. As stated by the Secretary-General today, "COP27 must provide a clear and time-bound plan for closing the funding gap for loss and damage mitigation." This will be a crucial success criterion at COP27."
Yes, the conflict in Ukraine, global supply shortages, and the COVID-19 pandemic have contributed to a crisis in energy and food security. The cost of living is increasing exponentially. Adaptation to climate change may not appear to be a priority right now. It is. Even if all commitments are implemented immediately, climate change will continue to be a problem for decades to come. And the poorest continue to bear the cost of our inaction. We must therefore devote time, effort, resources, and planning to adaptation measures.