In run-up to COP 26, Petersberg dialogue and G7 start fleshing out commitments on adaptation Format Arguing that the world stands “at the edge of the abyss” on climate, UN Secretary General Antonio Guterres issued an urgent new call to ministers at the Petersberg Climate Dialogue that ended Friday to do more to balance climate finance for adaptation and mitigation. Adaptation in the developing world alone was now estimated to cost US$ 70 billion a year, Mr Guterres said by video link, and this could rise to US$ 300 billion by 2030. “I reiterate my call to donors and multilateral development banks to ensure that at least 50 per cent of climate finance is for adaption and resilience”, he added, noting that money for adaptation to developing countries currently represents only just over 20 per cent of all climate finance.