Wealthy countries are providing only a small share of the funding developing nations need to protect themselves against the worsening effects of climate change, despite growing threats from extreme weather, according to a new United Nations report.
The funding gap remains substantial, with developing countries requiring an estimated $305 billion annually for climate adaptation. However, financial support from developed nations increased by just $1 billion to $28.2 billion in 2024, the UN Environment Programme’s 2026 Adaptation Gap Report found.
The findings come ahead of the next round of international climate negotiations, scheduled to take place in Turkey from November 9 to 20. Delegates are expected to discuss why countries are struggling to meet the climate finance commitment made at COP29 in Baku, which set a target of providing developing nations with $300 billion annually.
That pledge is close to the UN’s estimated annual adaptation funding requirement, but the report warns that current contributions remain far below what is needed.
The need for stronger adaptation measures is becoming more urgent as heatwaves, droughts, wildfires and floods grow more frequent and intense. Countries are being urged to invest in measures such as ecosystem restoration and stronger infrastructure to reduce their vulnerability.
Global temperatures are also projected to exceed the 1.5-degree Celsius threshold within the next few years, increasing the pressure on governments to prepare for more severe climate impacts.
The report noted that an agreement reached at last year’s climate talks in Brazil to triple adaptation finance for developing countries, with a target of $120 billion annually by 2035, would still leave more than two-thirds of the estimated funding requirement unmet.
Adaptation needs in developing countries are projected to rise to $420 billion a year by 2035, highlighting the scale of the financial challenge.
UN Environment Programme Executive Director Inger Andersen said the world was not adequately prepared even for existing climate conditions, warning that the situation could become considerably worse if global temperatures overshoot the 1.5-degree limit.
The report also identified progress in other sources of climate finance. Funding from multilateral development banks is expected to have increased significantly in 2025, while financial support flowing between developing countries has continued to grow.
Combined financing channelled through development banks and between developing nations more than doubled to $9.6 billion in 2024, up from $3.8 billion in 2019.
Despite this growth, the report indicates that these sources remain insufficient to close the widening gap between the resources available and the amount developing countries need to adapt to climate change.
