Nov 01, 2024 11:12 AM IST
Developing countries that are facing the brunt of climate impacts are struggling to access the resources needed to adapt
As the climate crisis continues to worsen, existential risks to the world are growing by the day. From record-high temperatures scorching cities to devastating floods sweeping across continents, we are seeing the consequences of our inaction. UN Secretary-General António Guterres, during the Summit for the Future at Climate Week NYC 2024, gave a stark warning that global challenges are moving faster than our collective ability to solve them. There is a strong possibility that 1.5°C and 2°C thresholds will be breached in the near future. In fact, the window for limiting global warming to 2°C is alarmingly short — roughly 22 years — and even shorter for the 1.5°C target, estimated at just 15 years. No amount of mitigation can fully address the scale of the crisis in this shrinking timeline. With this inevitability looming large, the need for adaptation to the climate crisis along with systemic transformation has never been more urgent.
What is the critical and immediate step that needs to be taken in the wake of the mounting crisis? The answer lies in providing resources to communities, especially those that are vulnerable, and equipping them to withstand the changing climate. Preparing them for the challenges is critical; low carbon growth alone does not offer relief from the current and near-certain impacts of the climate crisis. Communities usually know how to cope with the crisis if the risks are clearly identified. But they lack the means and the capacity to take advance actions. This is where most of the climate plans falter. Financing support for adaptation actions remains alarmingly inadequate.
Developing countries that are facing the brunt of climate impacts are struggling to access the resources needed to adapt. According to the UNEP Adaptation Gap Report from November 2023, the adaptation finance needs of developing countries are 10-18 times bigger than the current international public finance flows. Environment minister Bhupendra Yadav recently pointed out that climate finance is not charity but an obligation. The $100 billion per year commitment made by developed nations remains unmet, and the growing needs of developing countries are now measured in trillions.
While discussions on international climate finance are extremely important, there are areas at the intersection of mitigation and adaptation that provide an immediate opportunity. Decentralised renewable energy (DRE) solutions (mini-grids, floating solar, etc.) for communities reliant on natural ecosystems and enabling access to cooling are two such opportunity areas. By linking mitigation and adaptation, these solutions ensure that they not only save lives but also contribute to emissions reductions and other social co-benefits such as livelihood opportunities — making them financially viable and climate-just.
Financing adaptation is often difficult because of the lack of explicit, measurable outcomes. Moreover, adaptation planning is often cross-cutting, requiring the coordination of various agencies and sectors. This challenge is evident in India’s State Action Plans on Climate Change (SAPCCs), where efforts are often suboptimal because of poor inter-agency collaboration. This coupled with a lack of a financing plan in the form of a pipeline of bankable projects, makes adaptation challenging.
From this perspective, financing plans for cooling and DRE are good candidates for immediate action. DRE can improve access to clean energy while meeting energy needs. For instance, Pradhan Mantri Awas Yojana (PMAY) combined with rooftop solar initiative, the PM Surya Ghar: Muft Bijli Yojana, has the potential to generate benefits for development as well as adaptation. Similarly, energy efficient cooling can address the need for thermal comfort in a warming world while reducing growth in energy demand. By ensuring that financing projects serve the goals of climate as well as development, they can emerge as viable actions of adaptation.
Adaptation projects can also tap into new sources of funding when they generate emissions reductions or other sustainability benefits. The expanding carbon markets offer a good avenue to unlock a modicum of finance for adaptation. Many of the measures such as thermal cooling, cool chains, and district cooling have co-benefits in terms of energy savings and emission avoidance which are easier to measure and monetise through the carbon markets.
As we approach the next Conference of the Parties (COP) in Baku, we could usefully focus on areas where mitigation and adaptation overlap. Providing access to cooling for the Global South and enabling DRE solutions to communities can show the way. International funds like the Green Climate Fund (GCF) and new initiatives like Azerbaijan Fund should prioritise such areas for future funding to combat the climate crisis.
In the fight against the climate crisis, the stakes are too high to delay actions. Adaptation to global warming is not a choice but a necessity. We must act decisively, and immediately, to protect rural and urban communities from the incessant temperature rise and help them move towards a climate resilient future.
R R Rashmi is distinguished fellow, TERI and Karan Mangotra is partnership and strategy specialist, International Solar Alliance. The views expressed are personal
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