Listen to this articleDear 2 minutesThe audio version of this article is generated using AI-based technology. Pronunciation errors may occur. We are working with our partners to continually review and improve results. Rich countries are falling far short of the $305 billion needed each year to help developing nations adapt to climate change, even as extreme weather events become more frequent and severe, a UN report said Wednesday. wildfires and floods, according to the UN Adaptation Gap Report 2026. The world is not prepared to adapt to current climate conditions, no matter what the excess of 1.5 C will bring. Inger Andersen, executive director of the United Nations Environment Programme. The countries are preparing to meet in Türkiye starting in November. Nov. 9-20 for the next round of climate talks, where negotiators will examine why nations remain off track to meet the COP29 commitment made in Baku, Azerbaijan, to deliver $300 billion a year in climate finance to developing countries, close to the UN’s estimated requirement of $305 billion. efforts to adapt by restoring ecosystems and strengthening infrastructure. Countries pledged $120 billion by 2035. The report said an agreement at last year’s climate talks in Brazil to triple adaptation financing for developing countries, aiming to reach $120 billion a year by 2035, would still leave a funding gap of more than two-thirds. Adaptation financing needs in developing countries are expected to reach $420 billion a year by 2035, according to the report.WATCH | Rich countries met US$100 billion climate finance target, 2 years late:Rich countries met US$100 billion climate finance target, 2 years lateCanada has announced that rich countries have finally met their goal of providing US$100 billion to help poorer countries combat and adapt to climate change. executive director of the United Nations Environment Programme. The report also noted growth in other funding sources. Financing from multilateral development banks is likely to have increased significantly in 2025, while financial flows between developing countries have continued to increase. Financing channeled through development banks and among developing countries more than doubled to $9.6 billion in 2024 from $3.8 billion in 2019, it said.
