0 min read
October 12, 2023
COP28, which will take place in the UAE in November 2023, is an occasion for global leaders, policymakers, civil society, and representatives of the public and private sectors to join together and set more ambitious targets around climate action. COP28 will see the first Global Stocktake, to evaluate progress toward reaching the goals set out in the Paris Agreement. The event will also see discussions on the New Collective Quantified Goal on Climate Finance and the Global Goal on Adaptation. Looking at existing targets, it remains unclear whether the US$100 billion climate finance goal will be met. While a 2023 joint statement from Canada and Germany expressed optimism that the goal would be met in the same year, data on climate finance for 2023 will not be available until 2025.
To clarify some of the uncertainty around donors’ finance targets, the SEEK Climate team has developed a set of donor adaptation scorecards for four major donors: the EU, the US, the UK and Germany. These scorecards aim to provide advocates, decisionmakers, and members of the public with a toolkit to better understand the climate adaptation finance targets of major donor countries, and the opportunities to advocate for more ambitious adaptation targets. Each scorecard provides an overview of each donor’s relative prioritization of climate adaptation in their climate action, their current adaptation targets compared to historic funding levels, and tailored action opportunities for advocates in the run-up to COP28 and beyond.
While many discussions around climate have focused on the energy transition and the need to increase financing flows towards mitigation, climate adaptation remains crucial to tackling climate change and its impacts. Many LMICs have adopted National Adaptation Plans and have incorporated adaptation financing needs into their Nationally Determined Contributions. For example, Kenya’s updated NDC estimates that adaptation actions until 2030 will cost approximately US$44 billion. While the government aims to provide 10% of this cost, 90% is reliant on international finance, technology transfer, and capacity building. Therefore, while levels of ambition are high, creating the enabling environment to implement this ambition is very much conditional on international financing flows to adaptation.
According to the UNEP Adaptation Gap Report 2022, global adaptation efforts are not moving quickly enough to effectively tackle increasing climate risks. For partner countries, the adaptation finance gap is approximately five to ten times larger than global adaptation finance flows and continues to grow. In terms of donor action, OECD data show:
Broadly, ambition for climate adaptation is lacking. For example, the US set a target of US$3 billion for climate adaptation by 2024. However, research indicates that the US’ fair share of climate adaptation finance should reach US$17.4 billion by 2025. This disconnect between ambition and needs could reflect the politically contested nature of climate adaptation. Adaptation and climate change can be politically contentious issues, such as in the US which has stark partisan divisions on the issue.
At the same time, donors’ commitments are not always specific. Germany, for example, has set the target of increasing annual climate funding to EUR6 billion (US$6.4 billion) by 2025 at the latest, with a balance between adaptation and mitigation finance. However, the exact split implied by “balance” is not made explicit, obscuring the actual amount allocated to climate adaptation.
As competing crises strain donor budgets, there is a growing emphasis on the role of the private sector in mobilizing adaptation finance. This stance is becoming increasingly apparent in donor policies, such as in European Commission President Ursula von der Leyen’s remarks at the September 2023 Africa Climate Summit, or the US’ May 2023 Clean Energy Economy Action Plan
In the leadup to COP28, climate adaptation advocates are well-positioned to adopt the following strategies:
Be the first to know. Get our expert analyses directly in your inbox.
Our team of country experts and analysts bring you fresh content every week to help you drive impact.
By clicking Sign Up you're confirming that you agree with our Terms and Conditions .
SEEK DevelopmentThe Donor Tracker is an initiative by SEEK Development
ContactSEEK DevelopmentCotheniusstrasse 310407 BerlinGermany
2023 Donor Tracker All rights reserved.
Terms of ServiceJoin the Team