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Adaptation costs and finances

The workshop, led by Dr. Habiba Gitay, delves into the financial implications of climate change adaptation. It highlights various estimates of adaptation costs ranging from $10 billion to $40 billion annually, contrasting with projected direct impacts of $10 billion to $100 billion per year in developing countries. Key financial streams discussed include international grants and trade, which could yield up to $120 billion. The workshop emphasizes the critical need for innovative financing solutions, as current funds pledged are significantly lower than required, underscoring the severe costs of inaction.

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Adaptation costs and finances

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  1. Adaptationcosts and finances BASIC Workshop (Dr Habiba Gitay)

  2. Exposure to climate change and cost of adaptation

  3. What will inaction cost? • Various estimates : $10B - $100B per year in direct impacts in developing countries • c.f. - Costs of adaptation $10B to $40B per year

  4. Mitigation cost • (i) voluntary actions; • (ii) international grants; and • (iii) trade • Trade : biggest flow of funds for developing countries (about $20-$120 billion per year)

  5. Various Funds for adaptation • Adaptation fund • 2% of the CDM: US$10-200 million • Special Climate Change fund • Technology transfer, adaptation and mitigation • LDC fund – about US$40 million pledged • GEF adaptation (SPA): 50 million in GEF III; GEF IV ???

  6. Least Developed country actions on adaptation • About 40 LDCs producing National Adaptation Plans of Action (NAPAs) • 3 formally submitted now – several in draft • Requests for “urgent priorities” for adaptation range from c.$8M- $200M • Bangladesh requests $74M (0.1% of GDP) • At recent workshop, LDCs requested $0.5M per country grant as next phase

  7. Overall…. • The costs of adaptation are substantial (i.e. billions of dollars per year) • Costs of inaction are most likely very much greater • Finances available/pledged are less than a billion • Need to think innovatively of financing adaptation

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