UN: Rich countries provided $28.2 billion for adaptation in 2024 — far below $305 billion needed

The United Nations warns that rich countries are still providing far too little money to help poorer nations cope with the impacts of climate change. Financing from developed countries rose by $1 billion to $28.2 billion in 2024, but that amount falls well short of the estimated $305 billion per year needed for adaptation in developing nations.

Upcoming climate talks in Turkey will examine missed commitments

Negotiators preparing for the next round of climate talks in Turkey, scheduled for 9 to 20 November, will examine why countries are not meeting the pledge reached at the 29th UN Climate Change Conference (COP29) in Baku to provide $300 billion annually to nations with fewer resources.

The report stresses that, with forecasts indicating global temperatures will exceed the 1.5°C threshold in the coming years, countries must accelerate adaptation efforts through ecosystem restoration and by strengthening infrastructure. The Executive Director of the UN Environment Programme said the world is not prepared to adapt even to current climate conditions, and even less so to the consequences of surpassing the 1.5°C limit.

The document also notes that last year’s agreement at the climate talks in Brazil—aiming to triple adaptation finance for developing countries to $120 billion per year by 2035—would still leave a funding gap of more than two-thirds.

"It is estimated that adaptation finance needs in developing countries could reach $420 billion per year by 2035," the report states.

On a brighter note, financing routed through development banks and between developing countries doubled, reaching $9.6 billion in 2024 compared with $3.8 billion in 2019, but experts say that growth is nowhere near sufficient to close the large shortfall.

Photo: press material from the event