Abstract
Purpose of Review Following a multi-scalar analytical approach, this critical literature review explores the factors that determine adaptation finance accessibility and allocation with particular attention to how the needs of climate-vulnerable communities are considered. Recent Findings Our review reveals that climate vulnerability is not a primary determinant in the accessibility and allocation of climate adaptation finance at inter-state, sub-national and local scales. Instead, factors such as institutional capacities and financial and political interests exert significant influence. This leads to maladaptation and multi-scalar inequities where climate finance favours relatively resilient groups across scales with less support for more vulnerable populations. Summary We argue that finance does not trickle down, but “ripples” within a climate finance arena – where we define the latter as a messy space of competition, negotiation and collaboration. To unlock equitable adaptation finance patterns, future research should focus on the multi-scalar configurations of adaptation finance beyond the international level and consider local and regional territorial and scalar politics.