Global problems in the world

5. ADAPTATION AND RESILIENCE
The latest climate science from the Intergovernmental Panel on Climate Change is clear: Millions of people are already exposed to acute climate-fueled food and water insecurity, and progress in adapting to the impacts of climate change is uneven, fragmented, and insufficient to prevent human suffering and loss of life in the face of increasing impacts. Part of the challenge in addressing these impacts has been a lack of financing for resilience, as available finance is roughly 10% of what is needed and is not reaching those on the front lines of climate change, such as smallholder farmers, whose livelihoods are entirely dependent on favorable climate conditions. Most worryingly, while daily losses attributed to climate impacts exceed $200 million, negotiators at COP 27 did not formally place adaptation finance on the agenda.
WHAT TO WATCH FOR IN 2023
"An effective global goal on adaptation would help the world to measure its progress and put the issue on more equal footing with mitigation."
Cristina Rumbaitis del Rio, Senior Advisor for Adaptation and Resilience, UN Foundation
Negotiators now have a framework for the global goal on adaptation, which is meant to be developed and agreed by COP 28. It would also provide greater accountability for adaptation action and delivering the financing needed to reach the global goal, including ratcheting up the pressure on developed economies to deliver the additional $40 billion a year in adaptation finance by 2025 that they pledged at COP 26.
We are also excited for new global initiatives, such as Early Warnings for All. This initiative is rapidly gaining support as early warnings and early action save lives — and is extremely cost-effective. Finally, we are looking to see more innovative new business models to support the resilience of those on the front lines of climate change, such as smallholder farmers from initiatives like AIM for Climate, which is seeking to increase the $8 billion in investments already mobilized for innovation in climate smart agriculture and food systems to $10 billion by COP 28.