Recently the “Adaptation Gap Report: The Gathering Storm” has been released by the United Nations Environment Program (UNEP).
This report assesses national and global progress on adaptation. Also, the adaptation process covers the 3 central elements namely planning, financing and implementation, which are as follows.
Adaptation is the process of reducing the vulnerability of countries and communities to climate change. This increases their ability to absorb shock and stay in position.
The adaptation gap is defined as the gap between the adaptation actually implemented and a set goal at the societal level.
This goal is largely determined by priorities related to tolerable climate change impacts and reflects resource limitations and competing priorities.
Key findings of the report:
- Climate change adaptation is increasingly being incorporated into policy and planning. About 79% of countries have adopted at least one national level adaptation planning option (an increase of 7% from 2020).
- Adaptation costs and financing requirements in developing countries are 5 to 10 times higher than current finance flows.
- The adaptation fiscal gap is getting wider and wider than the gap specified in the year 2020. The opportunities provided by the COVID-19 recovery stimulus package for a green and sustainable recovery are currently not being tapped.
- The world needs to increase public adaptation financing through direct investment.
- Developing countries should be helped to provide fiscal income options for green and resilient COVID-19 recovery efforts by advanced economies.
The First Movers Coalition
- It is a public-private partnership initiated by the World Economic Forum, in partnership with the US and over 30 global businesses.
- It unites global companies along supply chains in carbon-intensive regions to invest in innovative green technologies so that they are widely available by 2030 to achieve the goal of net-zero emissions by 2050.
Source – The Hindu