The Reckoning of Climate Change: A Step Towards a Comprehensive Economic Assessment

Human civilisation has made significant progress, but not without environmental costs. The pursuit of rapid economic growth has presented nations with a long-overdue cheque, and the figures are mind-boggling. According to the Adaptation Gap Report published by UNEP in 2023, the global adaptation finance gap as of present stands at USD 194–366 billion per year, highlighting the mismatch between needs and availability. Projections from the UN Global Policy Model (UN GPM) indicate that developing countries will require about USD 1.1 trillion annually by 2025, rising to USD 1.8 trillion by 2030. The mounting gap threatens local resilience, compelling developed nations to negotiate for equitable and just finance to safeguard against the wrath of climate change. [Read more…]