COP27 must deliver climate finance where it is needed

2022 has already begun with a string of severe climate events that resemble the record-breaking storms last year as well as drought, heat and floods, which forced the displacement of nearly 30 million people. In 2021 the top 10 climate-related disasters have caused around $170 billion in damages and highlight the increasing threat climate change could pose to financial stability.

The most severe impacts were felt by the countries of the Global South, who have played a small role in the climate crisis, but are in the front of its impacts and do not have the capacity to adjust effectively. The year ended with a tense UN COP26.

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There were plenty of talks, bold promises were made but did it prove to be a success in people from the Global South? The conference was a success because African nations were heavily pressed for additional adaptation funds from wealthy nations. This led to significant changes, such as language in the Glasgow Climate Pact to double the climate finance needed in 2025 for adaptation, to a minimum of $40 billion.

Internationally, there were record pledges for the Adaptation Fund. But, it’s just a tiny little less than the billions needed to be gathered by the Global South and the UN estimates that as much as $300 billion is needed each year until 2030 to adjust to the changing climate. While it is crucial that the amount of adaptation financing continues to grow, it’s equally crucial that this investment is channelled into adaptation initiatives that make a difference and help ensure that those are the most at risk of the devastating impacts from climate change.

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