Adaptation Gap Report 2024

The report finds that progress in adaptation financing is not fast enough to close the enormous gap between needs and flows, which contributes to a continued lag in adaptation planning and implementation efforts.

International public adaptation finance flows to developing countries increased from US$22 billion in 2021 to US$28 billion in 2022: the largest absolute and relative year-on-year increase since the Paris Agreement. This reflects progress towards the Glasgow Climate Pact, which urged developed nations to at least double adaptation finance to developing countries from US$19 billion (2019 levels) by 2025. However, even achieving the Glasgow Climate Pact goal would only reduce the adaptation finance gap, which is estimated at US$187-359 billion per year, by about 5 per cent.

The report calls for nations to step up by adopting a strong new collective quantified goal for climate finance and including stronger adaptation components in their next round of climate pledges, or nationally determined contributions, due in early 2025.