COP31 Mobilises Billions in Climate Finance Push from Antalya

UN Climate Change Executive Secretary Simon Stiell warned that many developing countries remain trapped in a cycle of debt, climate disasters and high borrowing costs. Floods, wildfires, storms and droughts, he said, were increasing financial pressure on vulnerable countries even before disasters struck.

"The world has agreed ambitious climate finance goals. Now, it's time to deliver. To make the climate finance system simpler, and fairer – improving access," Stiell said.

UNDP Administrator Alexander De Croo said BRIDGE would transform national climate priorities into projects that public and private partners could finance. UNDP will contribute its sustainable finance expertise and its local presence in 170 countries.

How is the private sector involved?

The two-day COP31 Business Forum, organised by the Union of Chambers and Commodity Exchanges of Türkiye (TOBB), drew approximately 4,000 participants and 100 speakers across 23 sessions — the largest business forum ever held at a COP conference. Discussions covered climate finance, standards and market regulations, demand creation, institutional cooperation and implementation tools.

TOBB President Rifat Hisarcıklıoğlu said the forum allowed the global business community, international organisations, development banks and public institutions to address financing climate investments, energy security, electrification, sustainable agriculture and urban resilience. The forum released a synthesis of recommendations to strengthen private-sector participation.

What about green banking and island states?

Australia's Clean Energy Finance Corporation (CEFC), partnering with the Natural Resources Defense Council and SOAS University of London, launched the Green Bank Accelerator to help developing countries strengthen green banking capabilities. The CEFC, Australia's green bank, has mobilised more than AUD100 billion towards the country's net-zero transition in just over a decade.

Chris Bowen, COP31 President of Negotiations and Australia's Minister for Climate Change and Energy, disclosed that only 0.2 per cent of global adaptation finance reaches small island developing states. "Climate finance only works if communities can access it. Pacific countries have been clear about the barriers they face," Bowen said.

Which other initiatives advanced?

The conference also moved forward on several fronts:

• SURFF: The Sustainable Urban Resilience Financing Facility, backed by the World Bank, the Asian Infrastructure Investment Bank, the ADB and the EBRD, will help cities convert resilience priorities into investment-ready projects. Rather than creating a new funding institution, it coordinates access to existing finance and expertise.
• Back Future Farmers: The initiative connects young people, policymakers, funders and industry to help transform agricultural ideas into commercially viable businesses, strengthening food security and rural communities.
• NGFS cooperation: COP31 strengthened ties with the Network for Greening the Financial System, which addresses economic and financial risks from climate change and the low-carbon transition.

UNDP said the success of BRIDGE would ultimately be measured by tangible improvements: safer communities, reliable clean energy and sustainable economic growth.