A new report from the McKinsey Global Institute indicates that by 2050, the world may fail to deploy $690 billion annually for climate adaptation measures, despite their significant economic benefits. While $460 billion in adaptation spending is projected to be readily deployable, primarily for cooling and flood defenses in wealthier regions, the remaining 60% faces barriers. Affordability is the largest obstacle, particularly in lower-income areas where adaptation costs compete with basic needs, and financing is scarce. Coordination and willingness to act also present challenges for measures costing billions, while a smaller portion faces financing hurdles despite existing demand. AI
RANK_REASON Report from a research institute detailing economic projections and challenges. [lever_c_demoted from research: ic=1 ai=0.1]
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