A girl walks along the shore as strong waves from Typhoon Hagupit hit Atimonan in the eastern Philippines on December 6, 2014. Source: Centre for American Progress; AP/Aaron Favila

An interesting new piece from the Center for American Progress discusses the challenges in financing adaptation.

While traditionally nations have focused more funding on mitigation than on adaptation, COP21 in Paris did recognize the importance of adaptation. But how will these effects be financed?

“In December 2015, world leaders convened in Paris to adopt a historic agreement to limit carbon pollution and adapt to the effects of climate change. The promise of the agreement lies in the fact that it establishes a framework to drive progress, requiring successive national goals to reduce greenhouse gas emissions and prescribing ongoing national submissions on climate resilience. It defines a new era of multilateral climate action.

“Successive national goals, however, are insufficient for the success of the agreement, even if they are increasingly ambitious. Success requires implementation, and implementation requires investment. A fundamental shift in finance flows will be necessary to achieve climate resilience and carbon neutrality on a global scale….

“This brief examines the gap in adaptation finance that must be bridged in order to fulfill the values of the Paris agreement, with a focus on regions such as Southeast Asia that are at particular risk from the effects of climate change. It also discusses new adaptation finance commitments from governments and the private sector; the landscape of existing adaptation finance channels and initiatives onto which these commitments build; and the undiminished role of developed countries—such as the United States, Japan, EU countries, and others—to facilitate an increase in adaptation finance as the Paris era begins.”

Read more from the article here.