Recommendation 35

The US$100 billion goal has yet to be met.66 The balance between mitigation and adaptation is also unmet as only 25% of climate finance has been invested in adaptation globally in recent years.67 The United Nations Environment Programme (UNEP) suggests that adaptation already costs low- and middle-income countries an estimated US$70 billion per year and that this is set to rise to US$ 140–300 billion in 2030. At COP21 in Paris (2015), the Parties agreed to set US$100 billion per year as the minimum target from 2020 to 2025.68 UK’s response—UK International Climate Finance (UK ICF)