By Zoila Palma: Developing countries will need an estimated $305 billion annually by 2035 to adapt to the worsening impacts of climate change, nearly 10 times the amount they currently receive from wealthy nations, according to a new United Nations report released Wednesday.
The report, titled “Ready? Not.”, highlights a significant gap in climate adaptation financing as representatives from nearly 200 countries prepare to meet at the UN COP31 climate summit in Antalya, Turkey, from November 9 to 20.
Developed countries are expected to provide financial assistance to help vulnerable nations prepare for climate impacts and transition to cleaner energy sources, AFP reports.
According to the report, developed nations provided between $28.2 billion and $31.7 billion in adaptation financing in 2024, falling short of the $40 billion annual target established at COP26 in Glasgow in 2021.
UN Secretary-General Antonio Guterres said developing countries receive only about 10 cents for every dollar needed to address climate risks, warning that insufficient funding could lead to greater losses and damage.
Although countries agreed at COP30 to pursue efforts to triple adaptation financing by 2035, the UN Environment Programme estimates that this would provide only between $85 billion and $120 billion annually, covering just 20 to 29 percent of projected needs.
The post International News: UN report warns developing countries need $305 billion annually for Climate Adaptation appeared first on Belize News and Opinion on www.breakingbelizenews.com.
By Zoila Palma: Developing countries will need an estimated $305 billion annually by 2035 to adapt to the worsening impacts of climate change, nearly 10 times the amount they currently receive from wealthy nations, according to a new United Nations report released Wednesday. The report, titled “Ready? Not.”, highlights a significant gap in climate adaptation financing
The post International News: UN report warns developing countries need $305 billion annually for Climate Adaptation appeared first on Belize News and Opinion on www.breakingbelizenews.com.