The backdrop for COP26 was the failure of developed countries to deliver against the $100 billion a year target for climate finance - AG

The backdrop for COP26 was the failure of developed countries to deliver against the $100 billion a year target for climate finance and this pledge was made a decade ago and was due to be achieved by 2020.

This was highlighted by the Minister for Economy and Attorney-General Aiyaz Sayed-Khaiyum while addressing the Pacific Political Climate Champions at the Pacific Islands Forum Secretariat.

He says the developed countries have overshot this deadline and at the same time, maintained the fossil fuel subsidies and energy investment which will cause us to overshoot the 1.5 degrees Celcius goal.

Sayed-Khaiyum says the 2020 finance goal was achievable and the failure to reach it in a timely fashion only increases the aggregate financing needs, gaps and deficit.

He adds they will continue to press agenda points to help to ensure the conceptualisation, political attention, financing and overall global commitment to address loss and damages.