By Faridat Salifu
In a message delivered on November 2nd, UN Secretary General, Antonio Guterres voiced his deep concern over the growing disparity between the imperative actions required to combat climate change and the tangible measures being put into practice.
The 2023 Adaptation Gap Report starkly illustrates an alarming trend—the adaptation funding gap has reached an all-time high.
Guterres emphasizes that it is imperative for the global community to act decisively by significantly increasing financial commitments to bridge this gap.
A pivotal step in addressing this critical issue is for developed countries to fulfill their commitment by charting a clear path to double adaptation finance, with an emphasis on grants rather than loans.
This crucial shift lays the foundation for allocating at least half of all climate finance to support adaptation efforts, marking a commitment to climate justice and the imperative need to bridge the adaptation gap.
The Adaptation Gap Report highlights the unsettling divergence between the demand for action to safeguard humanity and the environment from climate extremes and the actions currently being taken.
With the increasing frequency and intensity of storms, fires, floods, droughts, and extreme temperatures, the impact on lives and livelihoods is devastating, disproportionately affecting the most vulnerable. Urgent measures are required to address this pressing concern.
Guterres also calls upon Multilateral Development Banks to play a pivotal role by dedicating at least fifty percent of climate finance to adaptation endeavors.
Additionally, they should reform their business models to attract increased private financing, safeguarding communities from the ravages of climate extremes.
As a subsequent step, the imperative is to transform adaptation plans into investment plans. Collaboration among governments, funders, development partners, and civil society is essential to create innovative models that effectively combat the challenges posed by climate change.
The recently announced Adaptation Pipeline Accelerator partnerships, unveiled at the United Nations Climate Ambition Summit in September, provide a clear path forward.
By 2025, it is vital that every vulnerable developing nation receives the requisite support to craft and execute adaptation investment plans.
Moreover, by 2027, it is essential that an early warning system is in place to protect every individual on the planet, as outlined in the Action Plan initiated during COP27 last year.
Addressing the escalating loss and damage caused by climate extremes demands bold action. It is incumbent on all parties to operationalize the Loss and Damage Fund during COP28 this year.
Furthermore, early pledges are indispensable to ensure the fund’s robust initiation. Those responsible for contributing to this crisis, such as fossil fuel industry leaders and their enablers, must shoulder their responsibility and support those who are enduring the brunt of climate-related hardships.
Secretary General Antonio Guterres joins the call to governments to levy windfall profits from the fossil fuel industry and allocate a portion of these funds to nations grappling with loss and damage from the climate crisis.
An adaptation emergency is upon us, and decisive action is imperative to close the adaptation gap promptly.