Quantifying the cost of funding adaptation to climate change (‘adaptation finance’) is difficult. There is a broad range of estimates, with the UN suggesting an annual requirement of $49–171 billion by 2030. The issue becomes more complicated when other aspects – governance, implementation and inefficiencies that may arise through the interaction of different funding sources and agencies – are also considered.

This paper applies institutional analysis to review existing sources of adaptation finance, identify some problems and suggest questions that must be tackled at further meetings of the Conference of Parties to the United Nations Framework Convention on Climate Change, and of the committees on specific issues set up under its aegis, especially through the Green Climate Fund.