35
Accepted
The US$100 billion goal has yet to be met.66 The balance between mitigation and adaptation...
Conclusion
The US$100 billion goal has yet to be met.66 The balance between mitigation and adaptation is also unmet as only 25% of climate finance has been invested in adaptation globally in recent years.67 The United Nations Environment Programme (UNEP) suggests that adaptation already costs low- and middle-income countries an estimated US$70 billion per year and that this is set to rise to US$ 140–300 billion in 2030. At COP21 in Paris (2015), the Parties agreed to set US$100 billion per year as the minimum target from 2020 to 2025.68 UK’s response—UK International Climate Finance (UK ICF)
Government Response Summary
The government states that significant progress was made under the UK’s COP26 Presidency, leading to the $100 billion climate finance goal being met by 2023 at the latest. Furthermore, a commitment to double 2019 levels of adaptation finance by 2025 was secured at COP26, marking the first global adaptation-specific financing goal.
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