This primarily diagnostic paper offers, from the perspective of relational egalitarianism, a normative analysis of three major injustices in the context of adaptation finance. Adaptation finance includes payments provided by the affluent countries of the Global North to low-income countries in the Global South, countries particularly exposed to the harms of climate change. Relational egalitarianism is the normative view that interactions between people and between institutions have to respect the equal moral status of every human being. The first injustice, from this perspective, consists in the sheer fact that adaptation measures are required at all to deflect harm from people who did not significantly contribute to the causes of climate change. The second injustice consists in the persisting, even increasing adaptation finance gap, as countries of the Global North do neither provide adequate financial means to reduce climate risks, nor even fulfil their commitments to adaptation finance pledged in the Copenhagen Accord in 2009. The third injustice emerges from current procedures to determine criteria for distributing scarce financial resources that consolidate structural injustice. The paper concludes by providing the contours of a practical response to these injustices that respects the demands of relational egalitarianism.