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22 December 2014 | by Gabor Chodkowski-Gyurics

Climate change adaptation costs could soar to $300 billion a year

Climate change adaptation costs could soar to $300 billion a year
Even if global greenhouse gas emissions are reduced to keep global temperature rise below 2°C this century, the cost of adapting to climate change in developing countries is likely to reach up to $200-300 billion per year by 2050, two to three times the previous estimates, according to a new report from the United Nations Environment Programme (UNEP).

Without further action on cutting greenhouse gas emissions the cost of adaptation will soar up to $500 billion by 2050, as wider and more expensive action would be needed to protect communities from the intensifying impacts of climate change such as drought, floods and rising sea levels.

The report also finds that there will be a significant gap in funding climate change adaptation effort after 2020 unless new and additional finance for adaptation is made available. The developed countries have only committed to providing $100 billion by 2020 - half the amount the US Congress spent on relief for victims of hurricane Sandy in 2012.

The UNEP comes out during a crucial round of UN’s climate talks in Lima, Peru, where leaders from over 190 countries have gathered to hammer out a blueprint for a new international climate change deal that is hoped to be eventually inked at next year’s talks in Paris.


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