Report provides annual assessment on progress in adaptation planning, implementation and finance.

• Adaptation Gap is the difference between actually implemented adaptation (adjustment measures to actual or expected climate) and a societally set goal, reflecting resource limitations and competing priorities.

Key Findings of Report

• Adaptation Gap: Adaptation gap is estimated at US$187-359 billion per year.
• Adaptation Progress: International public adaptation finance flows to developing countries increased to US$27.5 billion in 2022.
  • This reflects progress towards Glasgow Climate Pact, which urged developed nations to at least double adaptation finance to developing countries from US$19 billion (2019) by 2025.
• Significance of Adaptation: Global climate risk can be halved through ambitious adaptation. 
  • For instance, US$16 billion invested in agriculture per year would prevent about 78 million people from climate change related starving or chronic hunger.

Recommendations for bridging adaptation gap

• Adopt an ambitious New Collective Quantified Goal for climate finance at COP29. 
• Strengthening enabling factors, adapting new financial instruments, capacity building and technology transfer are central.  
• Adaptation financing needs to shift from reactive, incremental, project-based financing to more anticipatory, strategic and transformational adaptation.