By Abbas Nazil
A new report by the United Nations Environment Programme (UNEP) has revealed a severe global shortfall in climate adaptation finance, warning that the world is unprepared to cope with worsening climate impacts due to lack of funding.
According to the report, developing countries will require between $310 billion and $365 billion annually by 2035 to adapt to climate change.
However, developed nations provided less than $26 billion in 2023, creating a massive financial gap.
UNEP Executive Director Inger Andersen stressed that without urgent investment, adaptation costs will continue to escalate each year.
The findings come ahead of the COP30 Climate Summit in Belém, Brazil, later this month, where leaders are expected to address the issue.
Brazil’s COP30 President, Andre Correa do Lago, said the summit aims to create a “package of resources” combining funds from wealthy nations, philanthropy, and multilateral development banks to tackle the deficit.
Meanwhile, a Climate Central study found that the United States recorded its costliest first half of any year for climate disasters, with 14 separate billion-dollar events costing over $101 billion.
The Los Angeles wildfires alone accounted for more than $60 billion, becoming the nation’s costliest wildfire on record.
The report also highlighted that only 64 countries have submitted updated Nationally Determined Contributions (NDCs) ahead of COP30, despite a global requirement for all parties to strengthen their emissions pledges.
The United Nations Framework Convention on Climate Change emphasized that deeper and faster emission reductions are vital to prevent escalating human and economic losses.
In addition, rising temperatures have driven a 63% increase in heat-related deaths since the 1990s, killing an average of one person every minute between 2012 and 2021, according to the 2025 Lancet Countdown report.
Experts warn that without immediate financial and policy action, vulnerable countries such as Tuvalu, already struggling against rising seas, could face irreversible damage.
