New York, Sha'ban 05, 1437, May 12, 2016, SPA -- The cost for assisting developing countries to adapt to climate change could reach up to 500 billion dollars annually by 2050, a fivefold increase compared to previous estimates, according to a UN report released Wednesday, dpa reported. The study by the UN Environment Programme (UNEP) found that a previous estimate of 70-100 billion dollars per year needed to finance costs of adaptation in developing countries was "likely ... a significant underestimate." The report said that the true cost of adaptation could range 140-300 billion dollars annually by 2030 and 280-500 billion dollars per year by 2050. UNEP urged countries to channel more funds toward adaptation, noting that the costs will "sharply" rise even if countries meet the goal of limiting global temperature increase to 2 degrees Celsius, which was set in the Paris climate agreement last December. "This report serves as a powerful reminder that climate change will continue to have serious economic costs," said Ibrahim Thiaw, deputy executive director of UNEP. "The adaptation finance gap is large, and likely to grow substantially over the coming decades, unless significant progress is made to secure new, additional and innovative financing for adaptation." --SPA 01:31 LOCAL TIME 22:31 GMT www.spa.gov.sa/w