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• This study demonstrated that funding provided for health adaptation has been increasing for the past few years. The Green Climate Fund increased funding for health adaptation from US$178 million in 2021 to US$422 million in 2023, with a total of US$764 million between 2021 and 2023. • The Adaptation Fund funded adaptation projects amounting to US$51,944,915 between 2019 and 2024 but how much of these funds contributed to health adaptation was unclear. • The health co-benefits of climate mitigation projects funded by the Green Climate Fund were commonly mislabelled and not measured. • There was no apparent association between the funding for adaptation provided by the Green Climate Fund and the vulnerability and readiness of countries. • The evidence currently available demonstrates that multilateral funding for health adaptation remains insufficient to address the increasingly severe health impacts of climate change, especially in the countries with the greatest vulnerability and lowest ability to respond. The health impacts of climate change have been increasingly recognised for the past years. However, it remains unclear how this has translated into funding for health adaptation and health co-benefits of climate mitigation. We analysed the projects funded by the Green Climate Fund (GCF) between 2021 and 2023 and the Adaptation Fund between 2019 and 2024 to estimate the amount of funding provided for health adaptation and the health co-benefits of climate mitigation. Based on the Notre Dame Global Adaptation Index (ND-GAIN), we estimated adaptation vulnerability and readiness for each country and investigated the association between this index and the total adaptation funding received by each country. Between 2021 and 2023, 85 projects were funded by the GCF, of which 37 were adaptation, 32 cross-cutting, and 16 mitigation projects. The funds provided by the GCF contributed US$764 million to health adaptation (US$178 million in 2021 to US$422 million in 2023). There was no association between the amount of funding provided by the GCF towards adaptation and the estimated vulnerability, resilience, and combined adaptation index (ND-GAIN) at country level. Among the 48 mitigation and cross-cutting projects, 15 did not mention health, 13 mislabelled health co-benefits, 11 identified specific health co-benefits, and 9 correctly identified and measured health co-benefits as outcomes. The main health co-benefits were reduction in the health impact of air pollution, improved nutrition, and reduction in traffic casualties. There were 15 active projects on the Adaptation Fund website, amounting to a total of US$51,944,915. Seven of the projects mentioned health benefits but only one explicitly measured health adaptation indicators as outcomes. Funding for health adaptation and health co-benefits of mitigation provided by the two main multilateral adaptation funds has been increasing over the recent years. However, it remains insufficient and does not seem to be targeting the countries facing the greatest impacts of climate change. [ABSTRACT FROM AUTHOR]