Financing adaptation

Financing adaptation

Seeking an alternative financing mechanism for climate change adaptation

Climate change adaptation can not be treated in the same way as mitigation, and thus handling these aspects of responding to climate change also requires alternative financing mechanisms. In the past, adaptation has taken a back seat due to attention being significantly focused on reducing harmful emissions and enhancing methods for mitigation. Despite this, adaptation issues have been referred to in UNFCCC commitments.

The author has identified drawbacks to funding approaches made at previous Conference of Parties meetings, including their voluntary nature and insufficiency, the lack of negotiated terms and the tendency to operate around mitigation. An alternative in approaches to financing adaptation is based on the need for disaggregating adaptive responses and measures by the type of goods and services they provide. Subsequently this should distinguish between various lines of financing required.

Goods and services need to be filtered based on provision of global or regional goods and services requiring international cooperation, and national or local goods and services requiring additional support for conventional development strategies. In addition to this approach, it must be identified that impacts of climate change and adaptation to these impacts are closely linked to generic development issues. Adaptation needs to be incorporated into development strategies at all scales and additional funding to "top-up" current development aid is required.

The author suggests and concludes that financing of adaptation strategies should be distinguished according to the services they provide, compiled within the following headings: new financing for international and regional goods and services, additional financing to support goods and services at a national level, and special compensatory financing to support communities in developing countries.

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