Shibbir Ahmed, Washington, DC — Wealthy nations are falling far short of the financial support needed by developing countries to adapt to the growing impacts of climate change, according to a new United Nations report. Developing countries will require approximately $305 billion annually by 2035 to address climate-related risks, but current international public funding remains far below that level.
The findings were published Wednesday, November 4, in the United Nations Environment Programme’s (UNEP) 2026 Adaptation Gap Report, titled “Ready? Not.” The report estimates that international public adaptation finance from developed to developing countries reached between $28.2 billion and $31.7 billion in 2024, an increase of only about $1 billion from the previous year. That amount represents only a small fraction of the estimated $305 billion developing countries will need every year by 2035.
The report warns that even if wealthy nations fulfill the ambition to triple adaptation finance by 2035, the resulting funding would cover only about 20 to 29 percent of developing countries’ projected needs. The commitment to increase adaptation finance was part of the outcome of the COP30 climate conference in Brazil. However, UNEP says the proposed increase would still leave a substantial funding gap as climate impacts intensify.
UNEP Executive Director Inger Andersen warned that the world is not adequately prepared to adapt even to current climate conditions, let alone the consequences of global warming exceeding 1.5 degrees Celsius. She urged governments to strengthen their efforts to increase adaptation finance at the upcoming COP31 climate negotiations and beyond. She stressed that substantially greater investment is essential to protect lives, prevent economic losses and strengthen resilience.
The report highlights the growing threats posed by floods, droughts, extreme heat, wildfires and other climate-related disasters. Developing countries are particularly vulnerable because many lack the financial resources, infrastructure and institutional capacity needed to prepare for and recover from extreme weather events. Least developed countries and small island developing states face especially serious challenges.
The findings carry particular significance for climate-vulnerable countries such as Bangladesh. Rising sea levels, cyclones, storm surges, river erosion, salinity intrusion and changing rainfall patterns continue to threaten communities, agriculture, infrastructure and livelihoods across the country. A shortage of international adaptation funding could make it more difficult for Bangladesh to strengthen coastal protection, improve disaster preparedness, secure water resources and build climate-resilient infrastructure.
UNEP’s report underscores that climate adaptation funding is not simply a matter of development assistance. It is a critical investment in protecting people, livelihoods and national economies from escalating climate risks. Without significantly greater and more reliable financial support from wealthy nations, developing countries will face an increasingly difficult task in preparing for the consequences of a warming planet.
