This article is divided in 3 parts. Read the 1st part here and stay tuned for the 3rd part!
This article is written by Solène Dengler.
Adaptation fund: a weak deal for loss & damage?
According to recent estimates, the costs of adapting to climate change could reach 280-500$ billion per year until 2050 while total bilateral and multilateral funding in developing countries reached 22.5$ billion in 2014. The Fund has been in operation since 2017, has allocated 462 million dollars to 70 adaptation programmes in 58 countries and had a fundraising target of 80 million dollars for 2017 that was surpassed. The numbers speak for themselves, representing a very small fraction of the amount needed for adaptation and loss and damage worldwide, which is often explained by the nature of the fund and the lack of orientation towards scalability of projects.