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This policy brief by the Climate Policy Initiative examines recent developments in climate adaptation finance, highlighting the growing gap between estimated adaptation costs and current funding levels. It discusses the roles of the UNFCCC Adaptation Committee and the Adaptation Fund, the challenges in tracking adaptation finance flows, and the economic risks associated with nature loss as identified by the World Economic Forum. The document argues that addressing these challenges requires a fundamental rethinking of production, redistribution, and equity to support the most vulnerable populations.