The costs of delay on climate change are rising

illuminem summarizes for you the essential news of the day. Read the full piece on The Hill or enjoy below:

🗞️ Driving the news: 2023 has been a year of intensified climate crises, with record temperatures, floods, heatwaves, and wildfires globally
• Despite the urgent need for climate adaptation funding in developing nations, wealthy countries are lagging in their financial commitments, contributing to a growing adaptation finance gap

🔭 The context: The UN Environment Programme's 2023 Adaptation Gap Report highlights a stark disparity between the financial needs for climate adaptation in developing countries and the actual funds provided
• The report estimates adaptation costs at $215 billion annually, far exceeding the current finance flows

🌍 Why it matters for the planet: The failure to close this finance gap not only exacerbates the suffering of vulnerable communities but also poses long-term economic and moral consequences
• Investments in adaptation, such as coastal and agricultural resilience, can significantly reduce future damages and costs, aligning with both climate justice and economic efficiency

⏭️ What's next: The upcoming COP28 summit in Dubai is a critical opportunity for the international community to address this challenge
• Innovative financing mechanisms, stronger international and private sector engagement, and a robust framework for adaptation finance are necessary to protect vulnerable countries and groups

💬 One quote: "Every billion dollars invested in adaptation against coastal flooding leads to a $14 billion reduction in economic damages" (2023 Adaptation Gap Report)

📈 One stat: The adaptation finance gap is estimated between $194 billion and $366 billion per year, highlighting a significant shortfall in meeting the climate adaptation needs of developing countries

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