In 2018, nearly 62 million people were affected by climate events. Climate events, such as storms, droughts, and sea level rise, will continue to occur even as we strive for no more than 1.5C change in temperature. As climate events occur more often, funding to help people adapt to climate change will also need to increase. The Global Commission on Adaptation estimates the cost of adaptation to be $180 billion per year between 2020 and 2030. Most climate finance for adaptation comes from public and concessional sources, which are becoming scarce. Private investment in adaptation needs to be scaled up. More specifically investments into disaster risk mitigation in coastal areas need to be scaled up considering it receives the least amount of investment compared to any other adaptation sectors. Investing in coastal adaptation is especially important since more than 600 million people (around 10 per cent of the world’s population) live in coastal areas that are less than 10 meters above sea level.
Many adaptation activities require investment and finance so that they can be implemented effectively. Adaptation activities that focus on nature-based solutions to address disasters are cost effective and offer multiple benefits. For instance, reefs and mangroves not only offer protection from wave heights and wind during storms, they also offer economic benefits by way of fishing and tourism. Such ecosystems also provide food security. The challenge is, how can the private sector support nature-based solutions to help people adapt to climate change and build resilience to disasters?
In this session, jointly organized by The Nature Conservancy, Stockholm Environment Institute, and UN Environment, experts from climate finance, private sector, and adaptation fields will share their views on how to increase funding for nature-based solutions to build resilience in coastal areas.
They will offer:
1. Evidence that nature-based solutions help people adapt to climate change
2. Financial instruments that can support nature-based solutions
3. Strategies on how the private sector can play a role in adaptation
This event is part of the Finance, Investment and Jobs, Nature and Science, and Climate Impacts and Adaptation programs.