Coming Soon To A Country Near You: The Not-So-Subtle Shift To Adaptation?
he shift to adaptation is coming. And when it comes it will be Earth-shaking—where collectively, those with resources start to give up the struggle to stop climate change, and instead focus primarily on protecting their own proverbial asses. Fortunately, we’re not quite there yet. In fact, returning to the report The Wall Street Journal mischaracterized, mitigation finance is growing far faster than adaptation finance, reaching $1.3 trillion annually in 2021-2022, double the $653 billion averaged in 2019-2020. Adaptation finance, on the other hand, grew to $63 billion, a 28% increase year-on-year, but because mitigation finance grew much more, adaptation finance dropped from 7% to 5% of the total.