SHARM EL SHEIKH – Adaptation finance needs are set to grow to at least dlrs 300 billion a year by 2030, said UN Secretary General Antonio Guterres in a speech at the opening session of COP27 in Egypt on Monday.
“In Glasgow, developed countries promised to double adaptation support to dlrs 40 billion a year by 2025. We need a roadmap on how this will be delivered. And we must recognize that this is only a first step,” he added.
He said International Financial Institutions and Multilateral Development Banks must change their business model and do their part to scale up adaptation finance and better mobilize private finance to massively invest in climate action.
“Countries and communities must also be able to access it – with finance flowing to identified priorities through efforts like the Adaptation Pipeline Accelerator,” he said.
“We are on a highway to climate hell with our foot on the accelerator,” Guterres said.
“We are in the fight of our lives. And we are losing. Greenhouse gas emissions keep growing. Global temperatures keep rising. And our planet is fast approaching tipping points that will make climate chaos irreversible,” Guterres said.
