As the climate crisis continues to worsen, climate finance remains a fraction of what is needed. The Climate Policy Initiative estimates that $579 billion was spent on average on climate finance in 2017/18. This includes domestic and international investment from both the public and private sectors towards climate mitigation and adaptation actions. Of this amount, only $30 billion—five percent—was allocated for climate adaptation. This amount stands in stark contrast to $180 billion, which the Global Commission on Adaptation estimates is needed every year to build resilience to current and future climate impacts. This catastrophic funding gap is intensifying climate security threats and elevating the vulnerability of people across the world, particularly in coastal urban centers.
In this resource scarce environment, decision-makers need targeted risk information to increase financial flows and ensure that limited resources are being directed to safeguard people, their livelihoods, and to build a more resilient future. In response, the Stimson Center developed the Climate and Ocean Risk Vulnerability Index (CORVI), a tool which compares a diverse range of ecological, financial, and political risks connected to climate change, to produce a coastal city risk profile. With implementation partners such as the Ocean Policy Research Institute of the Sasakawa Peace Foundation and academic institutions across the world, the information is designed to help decision-makers prioritize actions to build resilience and access climate finance.
Read the full article in New Security Beat.