However, there is little international funding to help countries deal with loss and damage and help rebuild after catastrophic natural disasters that have been linked to climate change.
Poorer countries argue that this money should come from richer nations that have benefited from historical use of fossil fuels.
Talks on loss and damage are now set to dominate the climate summit after it delayed its start on Sunday.
There is little agreement on where the funding could come from and how it could be redistributed.
The EU argues that existing funds could be used and redirected to tackle the effects of climate change, arguing that it is already the world’s largest provider of climate finance.
One idea being discussed in policy circles could involve an international agreement to tax fossil fuel profits and cut them for payments to developing countries.
A government spokesman said: “The UK is a world leader in leading international action to tackle climate change, supporting countries most at risk of the threat it poses and boosting progress on climate adaptation.
“Under the UK presidency, last year’s police established the Glasgow Dialogue to discuss funding arrangements to prevent, minimize and address loss and damage as a result of climate change. We also agreed more funding for the Santiago Network which will provide technical assistance to the most vulnerable communities to prepare for climate impacts.
“The UK has committed to spending £11.6 billion in international climate finance to help countries limit and manage the effects of climate change, as well as fund conservation efforts around the world and invest in vital R&D efforts to accelerate the development of clean technology in developing countries.”
