Efforts to address climate change causes have fallen short so far. This is resulting in major efforts to address the symptoms.
Most climate change funding has focused on prevention, including cutting fossil fuel use and developing technology to lower CO2 in the atmosphere. However, government/private funding is now moving toward controlling floods, addressing extreme heat and reinforcing infrastructure to handle more severe weather caused by climate change.
Per a report from the Global Center on Adaptation (GCA) and the Climate Policy Initiative (CPA), only 5% of $1.3 Trillion spent yearly on climate change has focused on controlling the effects. The cost of adaptation is huge, particularly if climate change mitigation efforts are delayed. The longer society waits to address climate change, the more it will cost to deal with the impacts of hotter, wetter weather.
Billions of dollars are being awarded by FEMA and NOAA for projects like sewer/drainage upgrades, dam/utility pole replacement and coastal restoration. The money includes tax credits, grants and loans, mostly from the 2021 infrastructure law and the 2022 Inflation Reduction Act. DOE, EPA and other government offices are quickly awarding funds to show progress before the November election due to concern that a second Trump administration would slow/dismantle climate-related spending and programs.
It is hard for private investors to move money into climate adaptation since projects like flood barriers, tidal gates and raising roads threatened by rising water levels often don’t generate attractive returns. This has increased the need for government funding to address climate adaptation/resilience efforts, though many government entities don’t have enough money for these projects.
There are several project examples so far. New York City announced the start of construction on a $200 Million effort to rebuild/raise part of Manhattan to protect against rising water levels. OSHA recently proposed a rule to require companies to give workers enough rest/water to manage extreme heat. And a non-profit called Climate Resilience for All partnered with insurance company Swiss Re and the Self-Employed Women’s Association in India to award 50,000 low-income women small payments to compensate them for income lost due to extreme heat earlier in 2024.
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