U.N. report highlights $359 billion climate adaptation funding gap for developing countries

A U.N. report reveals a significant funding gap for climate adaptation in developing countries. They need $359 billion annually, but received only $28 billion in 2022, despite the largest increase since the 2015 Paris Agreement. Countries will discuss climate finance at COP29 in Azerbaijan from November 11-22. The focus will be on how much richer nations will contribute to help developing countries cope with climate impacts, amid ongoing extreme weather events. The report highlights that while many countries have adaptation plans, their effectiveness varies. Some fragile states lack any strategy, indicating a need for better guidance on utilizing available funds.