Climate risks remain even if world limits warming to 1.5 deg Celsius: UNEP report

The report found that the costs of adaptation are likely in the higher end of an estimated $140-300 billion per year by 2030 and $280-500 billion per year by 2050 for developing countries only.

Even if the world limits warming to 1.5 degrees Celsius, many climate risks remain and will be irreversible, a latest UNEP report released on November 4 said, while warning that the gap between costs of adaptation and the current financial flow is widening.

'The Adaptation Gap Report 2021: The Gathering Storm' released by the United Nations Environment Programme (UNEP) during the ongoing COP26 at Glasgow said at the current 1.1 degrees Celsius warming, the world has witnessed climate-related devastation in 2021 ranging from floods in Europe and China, heatwaves in Pacific North West, wildfires in Greece and floods and monsoon variabilities in India. “While strong mitigation is the best way to lower impacts and long-term costs, raising ambition in adaptation, in particular for financing and implementation, is critical to keep existing gaps from widening,” it said.

The report found that the costs of adaptation are likely in the higher end of an estimated $140-300 billion per year by 2030 and $280-500 billion per year by 2050 for developing countries only. “Climate finance flowing to developing countries for mitigation and adaptation planning and implementation reached $79.6 billion in 2019. Overall, estimated adaptation costs in developing countries are five to 10 times greater than current public adaptation finance flows, and the gap is widening,” the report said.