The costs for vulnerable countries to adapt to global warming are up to 10 times higher than available funding, the United Nations said on Thursday, warning that rising indebtedness is putting them under more strain in dealing with surging climate threats.
Developing nations alone will need up to $500 billion by 2050 for adaptation, which includes things like building flood defenses, planting urban trees and introducing drought-resilient crops, the U.N. Environment Program (UNEP) said in a report.
But just a fraction of the money needed is on the table, with the gap widening and the rising cost of servicing debt due to the COVID-19 pandemic preventing countries from spending on crucial measures to adapt to global warming, the report said.