UNEP Estimates Massive Climate Adaptation Finance Shortfall in Africa

The United Nations Environment Programme estimates that developing countries will require US$310-365 billion annually for climate adaptation by 2035. International public adaptation finance reached only US$26 billion in 2023, meaning the estimated need is 12 to 14 times greater than current public flows. Climate events such as droughts and floods are impacting food production and economic activity across Africa. These crises are leading to increased use of private remittances by households to cope.

The massive finance gap highlights the increasing pressure on private financial flows to address climate impacts. Remittances, which are private family resources, are becoming a critical component of household response to climate-related food insecurity and displacement in Africa. This shift fundamentally alters the continent's economic risk profile.