The global effort to combat climate change is plagued by a severe imbalance: While mitigation continues to dominate funding, adaptation remains critically underfunded and underprioritized.
Adaptation projects — such as building flood defenses — are less attractive to private investors because the returns are hard to quantify. This has resulted in a situation where low- and middle-income countries’ adaptation finance needs are currently 12 times greater than existing international flows.
While the financial dominance of mitigation persists, momentum is growing for a more balanced approach that recognizes adaptation as essential to human and economic security. From establishing a new adaptation finance goal to strategically bridging mitigation and adaptation efforts, we take a look at the possible solution to closing the funding gap.
About the author
Thomas Cserep
Thomas Cserép is an Associate Editor who manages and oversees Devex's social media presence, coordinates Devex’s audience outreach, and produces the This Week in Global Development podcast. Prior to Devex, he worked as a freelance journalist, with his writings appearing in a variety of publications, including Get Spanish Football News and the magazine of the Hungarian Geographic Society.
