e requires further articulation.
Even if we limit the rise in global temperatures, climate change is here to stay. Communities are already facing more extreme and frequent droughts, floods, and other weather events. These consequences will only intensify.
Yet the UN Environment Programme’s first adaptation report, released in Lima, showed that the world remains wholly unprepared to cover the costs of adaptation. And those costs will be far higher than was previously thought. According to the report, even if the temperature target is met, the cost of adaptation will reach 2-3 times the previously anticipated $70-100 billion per year by 2050 (an increase of as much as fivefold is possible, though less likely).
....To be sure, the world is making some progress toward addressing adaptation needs. Adaptation funding from public sources reached $23-26 billion in 2012-2013. According to a recent assessment by the UN Framework Convention on Climate Change, global financial flows for mitigation and adaptation measures amounted to $340-650 billion in 2011-2012.
Furthermore, pledges at the Lima conference by Australia, Austria, Belgium, Colombia, Norway, and Peru bring the Green Climate Fund to nearly $10.2 billion. And the impact of climate change is increasingly, though still inadequately, being factored into national and local budgets.
But much more financing will be needed to prevent a funding gap after 2020. The Green Climate Fund, for example, is supposed to reach $100 billion per year – ten times higher than it is now – in the next five years....