"Our planet is still in the emergency room. We need to drastically reduce emissions now, and this is an issue this COP did not address," UN Secretary-General Antonio Guterres said.

Speaking at the UN climate summit COP27 in Egypt's seaside city of Sharm El-Sheikh, Guterres said the plan calls for initial new targeted investments of $ 3.1 billion between 2023 and 2027 – roughly six per cent of the requested $50 billion in adaptation financing.