Climate change adaptation as a global public good: implications for financing

Area of Science:

• Climate Change Adaptation
• International Climate Policy
• Environmental Economics

Background:

• Climate adaptation evolved from an afterthought in the UN Framework Convention on Climate Change to a global goal under the Paris Agreement.
• Increasing extreme climate events and cross-border risks highlight the urgency of adaptation.
• Despite provisions for developed country support, adaptation finance remains critically low relative to needs.

Purpose of the Study:

• To investigate the reasons behind the persistent underfunding of climate adaptation.
• To propose a conceptual and political reframing of adaptation to enhance finance.
• To identify the role of multilateral agencies in promoting this reframing.

Main Methods:

• Analysis of the UN Framework Convention on Climate Change and Paris Agreement provisions.
• Examination of the economic and political implications of framing adaptation as a public good.
• Review of existing adaptation finance mechanisms and their limitations.

Main Results:

• Poor adaptation funding is linked to its territorial framing, conceptualizing it as a local/national public good, which limits market mechanisms.
• Framing adaptation as a global public good is conceptually and politically viable.
• A reframed perspective can significantly boost adaptation finance.

Conclusions:

• The current territorial framing of adaptation hinders adequate financial flows.
• Viewing adaptation as a global public good offers a pathway to increased funding.
• Multilateral agencies should spearhead the promotion of this global public good framing in a multi-polar world.