In 2010, rich countries agreed to pay developing nations $100 billion a year by 2020 to support the mitigation of, and adaptation to, climate change, yet they have fallen well short of this mark.
The UK's "fair share" of climate finance, designed to account for high levels of historic emissions, has been calculated at $46 billion. Yet the government has only pledged $3.2 billion a year until 2025.
Meanwhile, rich governments have failed to take sufficient action on global south debt, preventing countries from investing in climate action.
At COP26 and beyond, rich countries must seek to rapdily increase grant-based climate finance and support comprehensive debt cancellation for the global south.