Ahead of the UN COP26 climate summit, UNCTAD calls for a transformative approach to climate adaptation in the second part of its Trade and Development Report to be published on 28 October.
UNCTAD economists say scaling up adaptation finance must be on the table in Glasgow. It should go with reforms of the international financial system to get more climate adaptation funds flowing to developing countries.
The current funding is less than a quarter of what is needed to reach the 2030 target of $300 billion annually, and the report warns that relying on private finance will not be sufficient for the neediest countries.
UNCTAD proposes a five-point plan to ensure a development-led approach to climate adaptation and sees green industrial policies as key from a developing countries’ point of view.
Developing countries are already suffering economic losses three times greater than developed ones due to climate-related disasters.