Every year, US$30 billion is spent on climate adaptation by the global community. However, this only represents a mere 10% of the approximate $387 billion required annually, with only a small portion of the funding actually reaching locally led initiatives.
Programs like Kenya's Financing Locally-Led Climate Action (FLLoCA) and the Local Climate Adaptive Living Facility (LoCAL), active in 34 countries including Niger, Lesotho, and Cambodia, illustrate ways to devolve climate finance to local communities and governments, thereby granting them decision-making power and helping them to foster climate resilience. Decentralizing finance integrates communities into regulatory policies, climate science, and financial frameworks, while involving them in the monitoring and evaluations of LLA initiatives.