UNEP's report identifies a vast gap between Africa's adaptation costs and the available funds.
An earlier UNEP report showed that the efforts of global emission reductions are not yet at a level where the world is on track to hold global warming below 2◦C.
This new report predicts that even in a scenario holding global warming below 2◦C, Africa's adaptation costs could rise to USD 50 billion per year by 2050.
The estimated costs could further double to USD 100 billion per year by 2050 for a scenario reaching over 4◦C warming by 2100.
The climate change challenge exceeds the capacity of the African continent to respond to projected damages and impacts through domestic resources – even with a broadened base for raising additional funds.
The report underlines that a steep and rapid increase in adaptation funding from developed to developing countries are urgently needed, to close the adaptation-funding gap that the continent is facing.