Adaptation finance increased, but not to scale. The imbalance persisted: – Too many loans, not enough grants. – Funding mechanisms favored multilateral banks, not direct access. – Conditions remained complex, slow, and donor-controlled.
The Loss and Damage Fund—formally established at COP27—saw technical progress. Governance structures were refined, but pledges remained modest. Total contributions were far from meeting the scale of damages, which are estimated at $290–580 billion annually by 2030 (UNFCCC 2022).
For many developing nations, especially LDCs and African Group of Negotiators, the takeaway was familiar: words outpaced money.
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