COP26: Climate cash is a drop in the ocean as debts continue to rise

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It said global costs of adapting to rising sea levels, droughts and severe storms are up to 10 times more than is being spent.

The UN Environment Programme report warned that in developing countries adaptation costs would be £102billion to £220billion a year by 2030, rising to between £205billion and £367billion by the middle of the century.

But so far rich countries have only committed £59billion to a fund to help poorer ones.

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The UK hopes to persuade wealthy nations to honour their commitment to provide £74billion a year for five years.

Brian O’Callaghan, lead researcher on the Oxford university economic recovery project, said: “It seems like we’ve gone sky diving and decided we don’t need a parachute.

“Investing in climate adaptation is like getting insurance for a known event. We pay £1 today to save ourselves £10 tomorrow.”

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