+
Rich nations gave $32.4 bn for adaptation in 2022, gap remains
ECONOMY & POLICY

Rich nations gave $32.4 bn for adaptation in 2022, gap remains

In 2022, developed countries provided a total of $32.4 billion to assist developing countries in adapting to climate change, with $28.9 billion coming from public funding, according to a recent report. This amount was approximately 23 per cent higher than in 2021 and 54 per cent higher than in 2019. The report was submitted by a group of developed nations to the UN Framework Convention on Climate Change (UNFCCC).

However, a UN report from November 2023 highlighted that developing countries require between $215 billion and $387 billion annually to protect themselves from climate change impacts.

At the UN climate conference in Glasgow in 2021, developed countries were urged to double their adaptation funding by 2025, using 2019 as the baseline. This call was reiterated at the UN climate summit in Dubai in December 2023, with a request for progress updates in 2024.

The report, published on the UNFCCC website, revealed that in 2022, $11.6 billion of international public finance was provided as grants, $17.2 billion as loans, and $100 million as equity. Compared to 2019, grants saw a 63 per cent increase, and loans rose by 48 per cent.

Of the total $32.4 billion mobilized in 2022, $10.6 billion was given as bilateral aid, while $18.3 billion went through multilateral channels, such as development banks and climate funds. Additionally, $3.5 billion in private adaptation finance was mobilized through public initiatives.

The growth in adaptation finance from 2019 to 2022 was attributed to several factors, including a 57 per cent increase in multilateral finance, mainly from multilateral development banks (MDBs), a 47 per cent rise in bilateral aid, and a 133 per cent growth in private finance mobilized by public interventions.

Regionally, Africa and Asia received the largest share of the funding from 2019 to 2022, with 39 per cent and 37 per cent, respectively. Latin America and the Caribbean received 13 per cent, while Europe and Oceania each received 2 per cent. Another 7 per cent went to multiple countries or regions.

The report emphasized that the increased adaptation finance targeted the countries most vulnerable to climate change, particularly least developed countries (LDCs) and small island developing states (SIDS). In 2022, LDCs received over $11.2 billion, and SIDS received more than $1.6 billion. From 2019 to 2022, LDCs received an average of $8.87 per person, while SIDS received $20.16 per person.

In 2022, developed countries provided a total of $32.4 billion to assist developing countries in adapting to climate change, with $28.9 billion coming from public funding, according to a recent report. This amount was approximately 23 per cent higher than in 2021 and 54 per cent higher than in 2019. The report was submitted by a group of developed nations to the UN Framework Convention on Climate Change (UNFCCC). However, a UN report from November 2023 highlighted that developing countries require between $215 billion and $387 billion annually to protect themselves from climate change impacts. At the UN climate conference in Glasgow in 2021, developed countries were urged to double their adaptation funding by 2025, using 2019 as the baseline. This call was reiterated at the UN climate summit in Dubai in December 2023, with a request for progress updates in 2024. The report, published on the UNFCCC website, revealed that in 2022, $11.6 billion of international public finance was provided as grants, $17.2 billion as loans, and $100 million as equity. Compared to 2019, grants saw a 63 per cent increase, and loans rose by 48 per cent. Of the total $32.4 billion mobilized in 2022, $10.6 billion was given as bilateral aid, while $18.3 billion went through multilateral channels, such as development banks and climate funds. Additionally, $3.5 billion in private adaptation finance was mobilized through public initiatives. The growth in adaptation finance from 2019 to 2022 was attributed to several factors, including a 57 per cent increase in multilateral finance, mainly from multilateral development banks (MDBs), a 47 per cent rise in bilateral aid, and a 133 per cent growth in private finance mobilized by public interventions. Regionally, Africa and Asia received the largest share of the funding from 2019 to 2022, with 39 per cent and 37 per cent, respectively. Latin America and the Caribbean received 13 per cent, while Europe and Oceania each received 2 per cent. Another 7 per cent went to multiple countries or regions. The report emphasized that the increased adaptation finance targeted the countries most vulnerable to climate change, particularly least developed countries (LDCs) and small island developing states (SIDS). In 2022, LDCs received over $11.2 billion, and SIDS received more than $1.6 billion. From 2019 to 2022, LDCs received an average of $8.87 per person, while SIDS received $20.16 per person.

Next Story
Real Estate

Shriram Properties Launches ‘Codename: The One’ in Bengaluru

Shriram Properties (SPL), a leading real estate developer focused on the mid-market and mid-premium segments, has announced the launch of its latest residential project under the banner “Codename: The One” in Bengaluru’s Electronic City corridor. This feature-rich gated community will offer 340 spacious 2- and 3-BHK residences, with a total saleable area of approximately 5 lakh square feet and an estimated revenue potential of over Rs 3.5 billion. The project is expected to be developed over a span of more than three years.  Strategically located near the Bommasandra Metro stat..

Next Story
Resources

India Warehousing Show 2025 Closes with Strong Global Presence

The 14th edition of the India Warehousing Show (IWS) 2025 concluded successfully at Yashobhoomi (IICC), Dwarka, drawing participation from over 300 exhibitors across 15 countries and welcoming 15,000+ visitors. Recognised as India’s leading platform for warehousing and logistics excellence, IWS 2025 offered a comprehensive display of cutting-edge automation, sustainable warehousing solutions, and next-gen supply chain technologies. The show was inaugurated by Shri Pankaj Kumar, Joint Secretary – Logistics, DPIIT, Ministry of Commerce and Industry, Government of India. In his opening a..

Next Story
Equipment

MHIET Launches 450kW Gas Cogeneration System with H₂ Co-Firing

Mitsubishi Heavy Industries Engine & Turbocharger (MHIET), part of the Mitsubishi Heavy Industries Group, has launched a new 450kW gas cogeneration system, the SGP M450, jointly developed with Toho Gas Co.,. The system supports hydrogen co-firing at up to 15 vol per cent, with no loss in performance or reliability.  The system is currently available in the Japanese market, and has been developed from the existing GS6R2 city gas engine platform. Key modifications were made to the fuel gas and engine control systems to enable hydrogen co-firing.   Verified through de..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?