Climate adaptation finance: From paper commitments to climate risk reduction

This report aims to advocate for a shift in the global climate adaptation finance agenda-from focusing primarily on the quantity of funding to emphasizing the quality and effectiveness of that funding in reducing climate risks.

The report highlights five focus areas to improve the capabilities, processes, and institutions throughout the adaptation cycle so that the latest developments in science can be turned into impact.

1. Targeting effective adaptation actions depends upon comprehensive locally relevant climate risk information, both present-day and future risks under a range of climate and socioeconomic scenarios.
2. Countries need to move toward more specific adaptation strategies based on the priority risks identified.
3. NAPs should be supported by fiscal strategies with realistic financing plans and costs, which is rarely done in practice.
4. The implementation of adaptation strategies relies on robust project design that justifies the investment and its priority over those not undertaken.
5. Structured monitoring of the benefits of adaptation ex post, in terms of avoided losses and co-benefits, is absent in almost all jurisdictions.