Furthermore, UNEP’s Underfinanced, Underprepared: Adaptation Gap Report 2023 finds that progress on adaptation is slowing amid growing climate change impacts. It warns that this has massive implications for losses and damages, particularly for the most vulnerable.

Though the share of international climate adaptation finance channeled to developing countries is growing (about 34 percent of the total climate finance in 2020, a mere four percent increase from 2019), this is largely insufficient to meet the needs of rising climate risks and for the implementation of the Nationally Determined Contributions (NDCs) and National Adaption Plans (NAPs).

 Development Finance for Gender-Responsive Climate Action 2022 shows that most of the allocable Official Development Assistance (ODA) to integrate gender equality goals from 2018 to 2019 went through first-recipient institutions such as central and local governments and other public institutions. The second most used channel was civil society organizations, with a majority based in donor countries. Of the aid provided through the CSOs, about 1.8 percent went to feminists, women-led women’s rights groups, movements, and organizations.

“The effects of climate change are first and foremost felt at the local level by vulnerable communities including women, young girls, children, and minorities.”

However, the funds channeled to organizations working on women’s empowerment for building climate resilience are inadequate. Nevertheless, securing finance to implement their NAPs and NDCs has been quite a challenge for poor nations.

UNEP’s Adaptation Gap 2022 highlighted that the world’s poorest regions are projected to require a significant amount of funding for adaptation efforts, with an estimated annual demand of around USD 340 billion by 2030. However, current adaptation funding is less than 10% of this amount, leaving a significant gap to be bridged.

There was a remarkable agreement at COP 27 to establish a new fund to assist developing countries in responding to loss and damage. At COP 27, a landmark agreement was reached to establish a new fund to support developing countries in addressing loss and damage caused by climate change. Also, a Transitional Committee, comprising representatives from developed and developing countries, was formed to discuss the operationalization of the fund. Likewise, at COP 28, the Transitional Committee presented its report outlining the framework for the fund, including its governance structure, eligibility criteria, and financing mechanisms.

The conference also established a new body, the COP 28 Decision on the Santiago Network on Loss and Damage, which aims to enhance the implementation of the Paris Agreement by addressing loss and damage associated with climate change.

The establishment of the Loss and Damage Fund is a significant milestone representing a major step to deliver international climate justice to address the devastating impacts of climate change. The fund is committed to providing technical assistance to developing countries, particularly vulnerable to climate change. With commitments of up to USD 661 million to date the platform will catalyze technical assistance to developing countries that are particularly vulnerable to the adverse effects of climate change.

South Asia has been identified as particularly vulnerable to the impacts of climate change in the future by the IPCC’s Sixth Assessment Report, with critical implications for marginalized and disadvantaged communities, including women, youth, and children. Unfortunately, climate disasters further reinforce the existing social and gender inequalities, thereby pushing rural communities into the peril of food insecurity. As a result, they become more vulnerable and incapable of bracing for future hazards and risks.

One of the potential opportunities for South Asian nations is to encourage the private sector to invest in climate-smart tools and machines that are sustainable and women-friendly. The government could complement the effort with relevant subsidies and/or insurance coverage to promote wider adoption.  States should help strengthen marginalized groups, women, and youth networks. Their linkages should be enhanced with extension and value chain services, in addition to strengthening institutional capacity at provincial and local levels.

It is evident that women’s unequal participation in decision-making processes and labor markets compounds inequalities and often prevents women and young girls from fully contributing to climate-related planning, policy-making, and implementation.

Parties to the UNFCCC have recognized the importance of involving women and men equally in UNFCCC processes and in developing and implementing gender-responsive national climate policies. This is intended to be achieved by establishing a dedicated agenda item under the Convention addressing issues of gender and climate change and by including overarching text in the Paris Agreement.