The Adaptation Gap Report 2025: Running on Empty updates the cost of adaptation finance needed in developing countries, putting it at US$310 billion per year in 2035, when based on modelled costs. When based on extrapolated needs expressed in Nationally Determined Contributions and National Adaptation Plans, this figure rises to US$365 billion a year. Meanwhile, international public adaptation finance flows to developing countries were US$26 billion in 2023: down from US$28 billion the previous year. This makes adaptation financing needs in developing countries 12-14 times as much as current flows. If current finance trends continue, the Glasgow Climate Pact goal of doubling international public adaptation finance from 2019 levels by 2025 will not be achieved, while the New Collective Quantified Goal for climate finance is not ambitious enough to close the finance gap.