Towards a climate-risk data architecture: common and open risk metrics to align finance with climate-resilient development goals
This discussion paper was prepared to showcase the need for – and the benefit of having – a globally consistent, open baseline dataset of climate risk and resilience metrics as a global public good to help mobilize finance for adaptation. The Glasgow Climate Pact agreed at COP26 included the call to double climate finance for adaptation. To date, estimated adaptation costs in developing countries are five to ten times greater than current public adaptation-finance flows, and the adaptation finance gap is widening. Scaling-up private finance is essential, to fill the financing gap, yet today this accounts for only a minor share of global climate finance flows, particularly in the Global South.