V20 Climate Finance Viewpoint

Vulnerable countries are already facing severe climate impacts and require significantly more adaptation finance to achieve a balance between mitigation and adaptation funding, which is understood as a 50:50 split of climate finance between adaptation and mitigation. The V20 has asked to see an Implementation Plan on the COP26 commitment of a doubling by developed countries of international climate finance for adaptation towards closing the adaptation finance gap. Public grant-based as opposed to loans and other concessional finance sources will be particularly important since adaptation investments are less likely to generate a revenue stream and most vulnerable communities are more likely to already be overly indebted.