Asia-Pacific countries need US$362 billion annually for climate action, says UN

The United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) highlighted the urgent need for significant funding to support climate change adaptation and mitigation efforts in the Asia-Pacific region.

ESCAP’s Accelerating Climate Action in Asia and the Pacific report reveals that most countries in the area are inadequately prepared for extreme weather events and natural disasters, which are becoming more severe and frequent due to climate change.

ESCAP estimates that the annual average financial requirements to meet nationally determined contributions (NDCs) among selected developing countries in the region amount to approximately US$362 billion, with US$258 billion for mitigation and US$104 billion for adaptation. Despite an increase in international public financing to the…