Source · Select Committees · International Development Committee
Recommendation 35
35
Accepted
The US$100 billion goal has yet to be met.66 The balance between mitigation and adaptation...
Conclusion
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)
Government response summary AI-generated
The government states that significant progress was made under the UK’s COP26 Presidency, leading to the $100 billion climate finance goal being met by 2023 at the latest. Furthermore, a commitment to double 2019 levels of adaptation finance by 2025 was secured at COP26, marking the first global adaptation-specific financing goal.
Summary of the government's response below — read the verbatim text to verify.
Government Response
Accepted
HM Government · verbatim extract
Accepted
Under the UK’s Presidency, 95% of the largest developed country climate finance providers made new, forward-looking commitments. These have delivered significant progress towards the $100 billion goal, which will be reached by 2023 at the latest, and continue on a rising trajectory through to 2025. Record amounts of adaptation finance have been pledged, and a commitment to doubling 2019 levels of adaptation finance by 2025 was secured at COP26. This is the first time an adaptation-specific financing goal has ever been agreed globally.
Read the full response on Parliament ↗