UN Reports Climate Adaptation Funding Stalls for Developing Nations

The UN Environment Programme reports that financial support for climate adaptation in developing nations has stalled or declined since 2022. While 155 developing countries will require $305 billion annually by 2035 to combat extreme weather, finance flows from wealthy nations reached only $32 billion in 2024. The agency attributes this shortfall in part to European governments diverting budgets toward defense spending.

Despite an agreement at Cop30 in Belém, Brazil, to triple adaptation finance to between $85 billion and $120 billion by 2035, the UN warns this target will only cover 20-29% of actual needs. Small island states have been particularly hard hit, experiencing a 16% decrease in support in 2024 compared to two years prior. Additionally, a new loss and damage fund is currently overwhelmed, with $2.8 billion in requests against only $342 million in initial funding.

Executive Director Inger Andersen urged wealthy nations to honor their commitments in full to protect frontline communities and prevent forced displacement. The funding gap is expected to be a primary focus at the upcoming COP31 summit in Antalya, Turkey.