The Asia-Pacific needs to increase funding for climate change adaptation by up to 12-fold to prepare the world’s most populous region for the dangers of global warming, the Asian Development Bank has warned.
The Manila-based development bank estimated that between $102bn and $431bn was needed in annual financing to adapt to climate change across the Asia-Pacific region from 2023 to 2030, compared with just $34bn in commitments it recorded in 2022.
“The gap between adaptation needs and finance flows is enormous,” the bank said in a report published on Thursday.
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