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The recent UN COP26 climate negotiations once again revealed how the richest nations in the world are not meeting their commitments to the developing world. This was perhaps most powerfully symbolized by OECD countries failing to provide $100 billion a year in capital as promised. Yet, a vastly more important shortcoming of public climate finance is its continued failure to attract the private capital that increasingly appreciates the long-term imperative of climate action and that will be essential if the world is to spend the trillions necessary to fight climate change.