Written by Fatima Pillosu, PhD student in the Department of Geography; reviewed by Zarina Saidaliyeva, Research Fellow in the Walker Institute
As floods ravage coastal communities and heatwaves claim lives, the urgency for climate adaptation grows more palpable each day. With COP29 drawing to a close in Baku, Azerbaijan, the global spotlight turns to climate adaptation—a critical yet often neglected response to the climate crisis. How will COP29’s decisions shape our shared future in a warming world?
Adaptation: the overlooked pillar of climate action
Despite global efforts to limit warming to 1.5°C through mitigation, adaptation—the other vital pillar of climate action—remains neglected and underfunded, even as climate impacts intensify.
UNEP’s Adaptation Gap Report 2024 (AGR) “Come Hell and High Water” underscores the escalating urgency of climate adaptation amid relentless global warming and increasingly frequent catastrophic events. The AGR calls for urgent, systemic action to bridge this widening gap.
Despite incremental progress, developing nations face significant financial shortfalls. In 2022, public adaptation finance to these countries reached $28 billion, a notable increase but far below the estimated annual need of $215–387 billion by 2030. At this pace, the world risks being unprepared for intensifying climate impacts.
Progress in planning, stagnation in implementation
According to AGR 2024, 171 countries—covering 87% of the world—have developed at least one adaptation plan, such as a National Adaptation Plan (NAP). However, only 16% have fully aligned NAPs with nationally determined contributions (NDCs).
Despite increases in projects funded by mechanisms like the Green Climate Fund and Adaptation Fund, progress remains inconsistent and often unsustainable. Alarmingly, half of the evaluated adaptation projects are deemed ineffective or unsustainable beyond their initial funding cycles.
Barriers such as weak institutions, regulatory challenges, and inadequate financial flows continue to hinder action.
The significant finance gap
Finance is the elephant in the room at COP29, dubbed the “Finance COP”.
While developed countries made strides in meeting the $100 billion annual climate finance pledge in 2022 and committed to doubling adaptation finance by 2025 under the Glasgow Climate Pact, these targets barely scratch the surface.
The AGR introduces a framework to classify adaptation needs—from reactive to transformational—and highlights that strategic, anticipatory investments are critical to fostering long-term resilience.
Yet these projects are the hardest to finance due to high complexity and uncertainty.
Bridging the gap with innovation and collaboration
The AGR advocates for transformational change in adaptation finance, emphasizing innovative mechanisms like resilience bonds (e.g., “insurance-linked investments”), climate risk disclosures, and debt-for-adaptation swaps.
It stresses the importance of blended finance models to de-risk investments and attract private sector participation, which remains critically underutilized.
Capacity-building and technology transfer emerge as complementary pillars to finance. However, current efforts are fragmented and lack long-term coordination.
The AGR urges targeted interventions that align with local contexts, emphasizing inclusivity and gender equity to ensure sustainable outcomes.
A global call to action
The AGR is more than a report; it is a wake-up call, a roadmap, and a moral imperative.
The report highlights a pressing need to accelerate global efforts on adaptation to avoid catastrophic consequences. Climate change is no longer a distant threat; its impacts are felt daily, especially by the poorest and the most vulnerable.
From heatwaves and floods to rising seas, adaptation must become a universal priority.
The AGR highlights that while planning has improved, implementation lags due to financial constraints. The report calls for innovative financing mechanisms and stronger global cooperation to bridge the adaptation gap.
The bitter-sweet conclusion of COP29
COP29 was supposed to offer a critical juncture for nations to unite in addressing the adaptation challenge, ensuring no community is left behind in the race against climate impacts.
Unfortunately, as COP concludes, we are left with the impression that an opportunity has been missed. Global leaders of developed nations committed to providing at least $300 billion annually by 2035 to assist developing countries in coping with climate impacts. This funding aims to help these nations transition to clean energy, adapt to extreme weather, and recover from climate-related damages.
Despite this commitment, many developing countries expressed dissatisfaction, arguing that the pledged amount falls short of the $1.3 trillion they deem necessary to effectively tackle climate challenges.
Moreover, while the implementation of Article 6 of the Paris Agreement, establishing international carbon market standards, intended to enhance transparency and efficiency in carbon trading, potentially unlocking further funds for climate adaptation projects, it might be a way for big polluters to carry on without pursuing cleaner energy solutions.
Hence, the commitments made are viewed by many as insufficient to meet the escalating challenges posed by climate change. The path ahead requires sustained ambition, equitable action, and urgent implementation to protect vulnerable communities worldwide.
Although COP29’s outcomes fell short of expectations, they represent a starting point. The path forward demands sustained ambition, equitable action, and above all, urgency to protect vulnerable communities and secure a sustainable future.