Bridging the adaptation finance gap: the role of nature-based solutions for climate resilience

Abstract

Abstract The Adaptation Gap Report 2024 has highlighted a critical shortfall in adaptation finance, with an estimated gap between US$187 billion and US$359 billion annually, far exceeding the current public finance flows, which reached about US$27.5 billion in 2022. This review paper emphasizes the urgency of bridging the adaptation finance gap to address the escalating challenges posed by climate change, particularly in developing regions. While it is essential to direct adaptation finance toward established priorities, including areas such as infrastructure and health, this paper advocates for greater emphasis on nature-based solutions (NbS) such as ecosystem services (ES), disaster risk reduction (DRR), and sustainable land management (SLM). NbS offers cost-effective, long-term solutions that complement existing strategies and can play a critical role in enhancing resilience, reducing future adaptation costs, and delivering critical co-benefits for biodiversity and livelihoods. Drawing on recent data and emerging financing mechanisms such as green bonds and debt-for-climate swaps, we aim to propose actionable strategies for mobilizing resources at scale. By allocating adaptation financing across these priority areas, there are potentially better possibilities to strengthen climate resilience, protect vulnerable populations, and support a sustainable and equitable adaptation process.

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