To reduce carbon dioxide emissions and adapt to a hotter world with ever-more extreme weather, each country must invest huge amounts of money. But lower-income nations don't have much to spend. At the COP15 climate meeting in 2009, high-income countries promised to provide $100 billion a year in climate funding, mostly in the form of loans. This target has yet to be achieved. For instance, according to Oxfam, the reported amount of funding for 2017/18 was $60 billion, but the true amount was $20 billion. Part of this climate funding is meant to go towards adaptation, such as improving flood defences. Last year at COP26, high-income nations promised to double adaptation funds to $40 billion a year. Once again, much of this money has failed to be provided, with pledges so far amounting to around $22 billion annually by 2025.
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