The latest report by the Intergovernmental Panel on Climate Change states that mean global surface temperatures will continue to increase until at least the mid-century, requiring all countries, but especially vulnerable developing economies, to be ready for at least 30 years of increased frequency of floods, heatwaves and sea level rises.
“This is no longer a ‘vulnerable nation’ discussion,” said Sanchez. “Extreme weather is taking hold in every part of the world and causing damage beyond our worst case scenarios. In response, we need a colossal and rapid mobilisation of investment capital to find solutions which will both mitigate climate change and increase our resilience to it.”
However, latest assessments reveal that adaptation in developing countries is estimated to require as much as US$300 billion investment per year by 2030, overshadowing the US$79.6 billion spent in 2019 on both mitigation and adaptation in these countries. In fact, the same analysis shows that investment in resilience for Small Island Developing States has actually declined, revealing a global ‘adaptation gap’ that is widening.
“The warming we’ve experienced to date has caused irreversible changes to many of our planetary support systems on timescales of centuries to millennia,” added Sanchez. “There is increasing demand for practical approaches to deal with the challenge of scaling up adaptation, with CCRI playing a key role in advancing solutions that will allow more private finance to support the orderly transition to a low-carbon, resilient economy.”
 UN Environment Programme, “Adaptation Gap Report 2021”.