A report by the OECD reveals that developed nations are not on track to meet the COP26 target of doubling adaptation finance for vulnerable countries by 2025, despite a collective agreement to increase it. The report also highlights Nigeria's critical need for adaptation finance due to climate change effects such as recurring floods, desert encroachment, and changing rainfall patterns affecting agriculture.
A new report by the Organisation for Economic Co-operation and Development ( OECD ) highlights that developed countries are not on track to meet the COP26 target of doubling adaptation finance for vulnerable nations.
Developed nations collectively agreed to double adaptation finance to $40 billion annually by 2025, $310 billion annually by 2035, and $365 billion annually by 2040, compared to current funding levels. However, if current trends continue, this ambition may not be met. Nigeria, for instance, is significantly affected by climate change, with recurring floods, desert encroachment, coastal erosion, and changing rainfall patterns affecting agriculture. African countries contribute less to global emissions but are highly exposed to climate impacts.
The funding shortage for climate finance is also a concern given the United States' withdrawal from the Paris Agreement under President Donald Trump. The new framework agreed at COP29 in Azerbaijan aims to amplify climate finance for developing nations, with a focus on grants and concessional loans, as developing nations argue that climate support should come primarily through grants or highly concessional loans with manageable repayment terms
Climate Change Adaptation Finance Report Climate Finance OECD COP26 Chicago Climate Exchange Developed Nations Nigeria
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