Climate adaptation funding gap 50% higher than estimated, UN says

Rich country promises of help for poorer ones to adapt to climate change have slowed despite more frequent extreme weather, with a shortfall now 50% bigger than previously estimated, a U.N. agency said in a report said on Thursday. The $100 billion pledge, which has not been fully secured, was aimed at helping poorer countries not only mitigate climate change by cutting greenhouse gas emissions, but also to adapt to rising temperatures and sea levels. However, the annual financing shortfall for adaptation alone now stands at $194 billion to $366 billion, with existing financial flows reaching just $25 billion during the 2017-2021 period, the U.N. Environment Program (UNEP) said.