Urgent Action Needed to Bridge Adaptation Funding Gap, UN Official Says at COP29

Wedoany.com Report-Nov 19,  Simon Stiell, Executive Secretary of UN Climate Change has highlighted the pressing need for increased adaptation funding, particularly for Least Developed Countries and Small Island Developing States

At the high-level event on National Adaptation Plans (NAPs) during COP29, Simon Stiell, Executive Secretary of UN Climate Change (UNFCCC), emphasised the need for urgent action to close the financial gap in adaptation funding, particularly for the world’s most vulnerable nations.

Mr Stiell highlighted the critical role of National Adaptation Plans, which are designed to help countries prepare for and mitigate the impacts of climate change.

Simon Stiell stressed that such plans are essential for safeguarding communities, businesses and economies, but that many countries, especially Least Developed Countries (LDCs) and Small Island Developing States (SIDS), struggle with limited resources and capacity.

He noted that the cost of climate adaptation is rising, with estimates suggesting that developing nations could face up to $340 billion (£269bn) annually in adaptation costs by 2030.

This figure could increase to $565 billion (£447bn) by 2050, posing a serious challenge to the most vulnerable regions.

Stiell called for more innovative financing mechanisms, urging multilateral development banks, philanthropies, the private sector, and bilateral donors to step up their support without burdening vulnerable countries with additional debt.

He also stressed the need for reducing bureaucratic hurdles that impede access to funding, stating that countries often face delays in implementing adaptation measures due to complex financial processes.

The Executive Secretary further outlined the necessity of meeting the 2025 deadline for the submission of National Adaptation Plans, emphasising that this timeline is crucial for achieving stronger, more resilient economies and societies globally.

Mr Stiell concluded by calling for a collaborative approach, urging all stakeholders to work together to unlock the funding and resources needed to support countries in their climate adaptation efforts.