COP31 to Address the Global Climate Finance Gap

COP31, the 31st Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC), will take place in Antalya, Türkiye, from 9 to 20 November 2026. Its agenda includes climate finance, which refers to funding for climate mitigation and adaptation activities.

UNFCCC Conference of the Parties

The Conference of the Parties (COP) is the governing body of the UNFCCC, a treaty adopted in 1992. Parties meet to review implementation of the Convention and negotiate climate-related decisions. Türkiye will host COP31, with Australia also involved in the COP31 presidencies. At COP29, countries agreed on a climate finance goal of at least US300 billion annually for developing countries by 2035. A broader ambition is to mobilise at least US1.3 trillion annually for developing countries by the same year. The COP31 challenge includes establishing predictable funding arrangements to deliver the agreed goal.

Climate Finance and Funding Access

WWF has called for developed countries to provide multi-year plans covering their contributions, fund allocation and access to finance. Its call requests that these plans be set out by 25 October 2026 and identifies grants as a preferred form of funding. Greenpeace has urged developed countries to announce ambitious multi-year commitments for the period after 2025 that represent their fair share of the US$300 billion goal. Australian Climate Minister Chris Bowen stated on 25 October 2026 that small island developing countries receive 0.2% of global climate finance despite their vulnerability to climate impacts. COP31 President-designate Murat Kurum said NATO countries should invest “much more” in climate change efforts than in military defence.

Important Facts for Exams

• The UNFCCC was adopted in 1992.
• COP29 established a climate finance goal of at least US$300 billion per year by 2035.
• Small island developing countries receive 0.2% of global climate finance, as stated by Chris Bowen on 25 October 2026.
• The broader climate finance ambition is to mobilise at least US$1.3 trillion annually for developing countries by 2035.

2035 Energy and Waste Ambitions

The COP31 presidencies have identified ambitions for 2035 that include raising electricity’s share of final energy demand to 35%, halving the growth of global waste and reducing building-sector energy intensity by 25%. UNEP FI, the United Nations Environment Programme Finance Initiative, will engage policymakers and financial institutions at COP31 on finance and investment for climate action. Its discussions will address investment towards a resilient, low-carbon future.