During COP29, the White House announced that the U.S. government fulfilled a major commitment to help vulnerable countries adapt to the climate crisis by providing more than $3 billion in funding for the President’s Emergency Plan for Adaptation and Resilience (PREPARE).
The Biden Administration met its adaptation finance pledge for the first time in Fiscal Year 2023, reaching more than $3 billion. Co-led by the U.S. Department of State and USAID, and bringing together 20 departments and agencies, PREPARE is the cornerstone of the U.S. government’s approach to help more than half a billion people in developing countries adapt to and manage the impacts of climate change by 2030. Today at COP29, USAID highlighted nearly $61 million in investments under PREPARE to improve resilience and security against environmental threats. These investments are saving lives and saving U.S. taxpayer dollars in the long run. A $1 investment in extreme weather preparedness, like early warning systems, can yield between $2 and $10 in savings, including by avoiding future humanitarian assistance spending.
Since 2022, USAID has provided an additional $50 million to support the Early Warning for All initiative through PREPARE, bringing the total funding to $83 million. Along with partners, USAID’s assistance expanded flood and flash flood early warning system implementation in more than 30 additional countries since 2022. By 2027, this USAID support will provide early warnings of flash floods and floods to an additional 200 million people, bringing the total number of people supported to more than 3 billion in 100 countries.
As part of its Climate Smart and Disaster Ready program, USAID also announced $11.8 million in new awards to strengthen localized climate adaptation for communities at greatest risk to climate-related disasters in current and foreseeable humanitarian contexts, bringing the total investment for this initiative to date to $16.2 million. Under this program, USAID has funded five multi-year initiatives in West Africa, Central America, Southeast Asia, South Asia, and the Pacific Islands, including supporting young people in the Pacific Islands to advance disaster risk reduction and climate adaptation efforts in their own communities.
Private investment in climate resilience continues to grow as more businesses recognize the value and urgency. In response to a USAID and State Department call to action to the private sector to invest in climate adaptation at COP27, a total of 40 companies and organizations have committed to invest in climate adaptation in support of PREPARE, including a new commitment from the Center for Climate and Energy Solutions at COP29. Combined, their commitments are valued at approximately $3 billion and aim to improve the resilience of more than 118 million people around the world by 2030.