For years, major nations like the US have blocked such funding, fearing unlimited liability. But there is movement, with Denmark this month becoming the first national government to commit loss and damage funds. There is also movement in funding green energy transformations in specific countries, with European nations providing $8.5bn to South Africa.
New ideas for raising the required money are coming forward too, from the $500bn in IMF finance proposed by Mia Mottley, the prime minister of Barbados, to a global tax on fossil fuels put forward by the most vulnerable countries.
UN secretary general Antonio Guterres backs the latter idea, particularly targeting the colossal profits being reaped by the oil and gas industry at the moment. “The fossil fuel industry is feasting on subsidies and windfall profits, while household budgets shrink and our planet burns,” he said last week. “I call on all developed economies to tax the windfall profits.”