Climate adaptation policies are needed more than ever

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Climate adaptation policies are needed more than ever
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  • 📰 TheEconomist
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In the early days of political action on climate change adaptation was seen as, at best, a poor relation to cutting greenhouse-gas emissions—at worst as a distraction

a telltale anticlockwise spiral of clouds in satellite images taken over the Bay of Bengal warned of impending disaster. Four days later Supercyclone Amphan made landfall, the most powerful storm to do so in the region in 20 years. Winds gusting at up to 185km/hr pounded the coast of the Indian state of West Bengal, which took the brunt of the impact. Huge waves swept over the Indian and Bangladeshi coast.

In 2010, with attempts to agree on reductions in emissions stalled by the failure of the Copenhagen summit, and with emissions rising steeply as the world bounced back from the financial crisis of 2007-09, adaptation began to take its proper place as a topic of international concern.

Businesses have also started to look at their vulnerabilities to climate change—partly because of pressure from activist investors. Several are adapting. Mylan, a pharmaceutical company, has reinforced its buildings in hurricane-prone Puerto Rico; Microsoft has built redundant cloud capacity in case servers are knocked out by extreme weather. Individuals in a few places are spending to ensure their future comfort and livelihood.

The problem is that flows of private capital and money from both governments and foreign-development funders fall short. Accounting is made hard by the overlap between funding for adaptation and more general flows of development finance. But the Climate Policy Initiative, a think-tank, estimates that in 2017-18 a paltry $30bn, primarily from public sources, was invested worldwide, compared with $537bn for mitigation.

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