Let us shed outdated measures of adressing return on investment in climate adaptation

CLIMATE change adaptation refers to the plans, measures and actions that we take to adapt to the impacts of a warming world. These impacts include increased drought and reduced soil moisture, extreme heat events, intensified rainfall, sea-level rise, which in turn multiply risks to food and water security, thus resulting in economic distress well suitable to ignite civil unrest arising from the scramble for shrinking resources.

- Brandon Abdinor

Many of these impacts are already 'baked in' regardless of how well we mitigate by reducing greenhouse gas (GHG) emissions. Done well, climate adaptation can help to protect society and the economy from these impacts. If we continue to under-invest in adaptation, we will pay an increasingly high price for the unmanaged consequences.

Limited resources in an unfolding crisis

Currently there is an alarming lack of resources being dedicated to the necessary planning and implementation of adaptation measures.

Analysis shows that global climate finance increased from $653 billion in 2019 to 2020, to $1.3 trillion in the 2021 to 2022 period. But finance specifically for adaptation decreased from 7% to a paltry 5% of these totals across the periods. According to the South African government, we received $816 million in 2021 to 2022, but only $7.64m of this was for adaptation.

According to recent World Bank research, the required investment in adaptation for South Africa is calculated to be R844 billion by 2030 and R2.4 trillion by 2050, or around 1.3% of GDP.

Many of us in the developing world are counting on equitable climate finance to provide funding, which should ideally be in the form of concessional loans or grants to avoid adding to rising sovereign debt. Developed economies are responsible for the bulk of current and historical greenhouse gas emissions and therefore owe the developing world a climate debt.