Despite repeated calls to scale up finance for adaptation, the multilateral climate process has not effectively integrated lessons and good practices into its operational and policy frameworks. Strong ambition both within and beyond the United Nations Framework Convention on Climate Change (UNFCCC) has not been enough to close the widening adaptation finance gap.

This paper calls for a change in how we approach the financing of adaptation. It proposes three narrative shifts moving beyond vague commitments to actionable strategies grounded in needs and financial architecture of those adapting to climate change.

With growing demand for adaptation and a clear consensus that urgent action is critical, the paper provides a series of recommendations to bring about a step change in the multilateral climate process for financing adaptation. These recommendations are situated in a number of near-term agenda items and discussions in the multilateral system, including the New Collective Quantified Goal (NCQG), the Global Goal on Adaptation, the Sharm el-Sheikh Dialogue, and the Global Stocktake (GST2). It calls for greater alignment across international processes and enhanced transparency, coordination and learning to accelerate effective, equitable, and scalable adaptation action globally.

Report by the Overseas Development Institute