UN report finds huge gap in adaptation finance ahead of COP31

Developing nations require approximately $305 billion annually by 2035 for climate change adaptation efforts. Rich countries' collective pledge could only reach $85-120 billion each year by 2035. While current financial contributions are around $28.2-31.7 billion, this is still inadequate. UN Environment Programme emphasizes the urgent need for increased adaptation financing and overcoming institutional barriers. Action on climate adaptation is essential to mitigate worsening impacts from extreme weather events.