Residents in boats inspect the floodwaters flowing from the Tittabawassee River to the lower part of downtown on May 20, 2020 in Midland, Michigan.
Gregory Shamus | Getty Images
Governments around the world need to significantly scale up climate adaptation measures to avoid major economic damage due to global warming, according to the fifth edition of the UN report on the adaptation gap of the UN program.
According to the report published on Thursday, countries need to adjust half of all global climate finance for adaptation to prevent the worst impact of climate change. In 2020, the hottest year on record, on par with 2016, the world experienced hurricanes and wildfires that continue to increase as temperatures rise.
Such a commitment includes investing in nature-based solutions to mitigate climate change, such as practices such as replanting trees on degraded soil, increasing carbon in soil through agricultural practices and protecting forests through changing logging practices.
Nearly 75% of countries have adopted some form of climate adaptation. But there are still major gaps in the financing of developing countries, which are most vulnerable to rising temperatures, as well as projects that have reduced climate risk in particular, the report said.
The UN estimates that annual climate adaptation costs could be between $ 140 billion and $ 300 billion by the end of the decade and between $ 280 billion and $ 500 billion by 2050, concluding that global action far behind.
And while climate change adaptation is increasing, the continuing increase in global carbon emissions is jeopardizing these projects.
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Under the Paris Climate Agreement, the global treaty forged among nearly 200 countries five years ago, governments are trying to keep global warming below 2 degrees Celsius, or 3.6 degrees Fahrenheit, compared to the levels of the industrial environment.
The world is still on track for temperature rises of more than 3 degrees Celsius, or 5.4 degrees Fahrenheit, this century.
The report said that achieving the 2 degree Celsius target could limit the economic loss in annual growth to 1.6%, compared to 2.2% for the 3 degree Celsius warming, and urges countries to targets under the Paris Agreement should be updated to include new net zero. carbon targets.
“The hard truth is that climate change is imminent,” Iner Andersen, executive director of UNEP, said in a statement. “The consequences will hit vulnerable countries and communities the hardest – even if we meet Paris’ goals.”
The report also calls on governments to prioritize climate change in their Covid-19 economic recovery plans, including shifting fossil fuels to investing in green technologies and restoring ecosystems.
According to the International Monetary Fund, the world’s largest economies have committed more than $ 12 billion dollars in recovery economies.