34
Accepted
Globally, adaptation plays “second fiddle” to mitigation in terms of international climate finance.63 Following a...
Conclusion
Globally, adaptation plays “second fiddle” to mitigation in terms of international climate finance.63 Following a threat by low- and middle-income countries to walk out on the negotiations in Copenhagen in 2009, higher income countries pledged to provide “scaled up, new and additional, predictable and adequate funding” to meet “a goal of mobilizing jointly US$100 billion per year by 2020 to address the needs of developing countries” in addressing climate finance through mitigation and adaptation.64 The Paris Agreement committed nations to provide a balance of support to adaptation and mitigation.65
Government Response Summary
The government reports that under the UK’s COP26 Presidency, a commitment was secured to double 2019 levels of adaptation finance by 2025, marking the first time such an adaptation-specific financing goal has been globally agreed, directly addressing the imbalance between mitigation and adaptation funding.
Government Response
Accepted
Government Response
Accepted
HM Government
Accepted
Under the UK’s Presidency, 95% of the largest developed country climate finance providers made new, forward-looking commitments. These have delivered significant progress towards the $100 billion goal, which will be reached by 2023 at the latest, and continue on a rising trajectory through to 2025. Record amounts of adaptation finance have been pledged, and a commitment to doubling 2019 levels of adaptation finance by 2025 was secured at COP26. This is the first time an adaptation-specific financing goal has ever been agreed globally.
Source
Committee
International Development Committee
Addressee Bodies
Foreign, Commonwealth & Development Office
Timeline
Recommendation age
4.8 yrs
Report published
26 Oct 2021