Some countries at COP29, including France, are pushing for innovative financing to help pay for the $1 trillion funding, including taxes on flying and fossil fuel extraction.
A poll published by Oxfam on Monday found that four in five Brits support increasing taxes on luxury transport such as private jets and superyachts to raise funds to tackle climate change.
“The Prime Minister urgently needs to do more to provide support to communities already facing the devastating consequences of the climate crisis. The money is there,” Chiara Liguori from Oxfam GB said.
Sir Keir Starmer will speak in Baku on Tuesday and is expected to announce a new target for cutting the UK’s emissions by 2035.
The climate change committee, the Government’s advisers on net zero, recently recommended an 81 per cent drop on 1990 levels of emission within a decade.
Sir Keir is expected to tout his Government’s commitments to net zero, including bringing forward the date to achieve 100 per cent green power by 2030, a goal that many in the energy industry say is unviable.