Commenting on today’s IPCC Sixth Assessment Report (AR) on Impacts, Adaptation and Vulnerability, Emma Cox, global climate leader at PwC, said:
“Today’s report shows that the impacts of climate change are far worse than expected and efforts around adaptation and building resilience are falling short.
“Finance for adaptation is woefully trailing finance for mitigation. At COP26, Governments committed to doubling their financial contributions for adaptation (against 2019 levels) by 2025, in an effort to secure greater parity between adaptation and mitigation. But this is still far short of the $70bn in adaptation costs countries are facing today.
“The IPCC’s latest findings warn us that we need to invest more heavily in measures to manage the impacts of climate on our homes, businesses, infrastructure, communities and livelihoods. And that every fraction of a degree of warming we fail to avoid will result in the exponential increase in costs and damage we will face.
“As well as action to reach net zero, it’s imperative that we accelerate work to enhance adaptation and build resilience globally to manage the impacts of climate already locked in.”
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