Environment
Climate finance remained the central topic of negotiations on the fifth day of COP31. United Nations Secretary-General António Guterres warned that even if financial resources provided to developing countries severely affected by climate ch
Climate finance remained the central topic of negotiations on the fifth day of COP31. United Nations Secretary-General António Guterres warned that even if financial resources provided to developing countries severely affected by climate change were tripled, they would still cover less than one-third of their needs.
At the conference venue in Antalya and along its waterways, demonstrators from around the world called for climate justice, sharing emotional accounts of the human and economic losses caused by climate change. A Nigerian civil society activist cited the example of Lake Chad and questioned why his country, despite bearing very little responsibility for global carbon emissions, was forced to borrow at significantly higher interest rates than wealthy countries to cope with the effects of climate change. Drought and fluctuations in water levels in Lake Chad have severely affected local communities, forcing many families from their homes. Similar concerns were also raised during discussions on climate finance at the conference.
The UN Secretary-General warned that climate disasters were reversing decades of development and pushing vulnerable countries deeper into debt. He stressed that the consequences of the crisis extended far beyond environmental concerns and that climate action must remain central to the United Nations' work. He emphasised that achieving this goal required moving away from fossil fuels and challenging powerful vested interests that were obstructing the transition. He made it clear that the future of the planet could not be decided on the terms of those who profit from its destruction.
Securing financial resources to protect vulnerable countries affected by climate change is no easy task. António Guterres said he had met with the heads of international climate funds on Friday morning and urged them to remove bureaucratic obstacles that complicate access to financial assistance, particularly for countries with limited resources. He also questioned the fairness of the global financial system, which was established after the Second World War, when many developing countries had no role in shaping its structure. According to him, reforming the system could also help unlock additional financial resources. For example, every dollar invested in the capital of a development bank could generate between $8 and $10 in financing. Greater use of financial guarantees could also help attract private investment.
Addressing a ministerial session, Simon Stiell, head of the United Nations climate agency, warned of the consequences of the current situation. He said many developing countries were trapped in an endless cycle of debt, natural disasters and extremely high costs of securing capital. Climate finance, he stressed, should help them escape this predicament. Under existing agreements, developed countries are expected to take the lead in providing at least $300 billion annually in financial support for developing countries by 2035. This amount forms part of a broader global target of mobilizing $1.3 trillion annually. However, according to an assessment presented at COP31, if current trends continue, annual climate finance could fall $840 billion short of the broader target. New efforts to bridge this gap were announced on Friday. Development finance institutions from the United Kingdom, Norway and Canada unveiled plans to launch $10 billion in investments in climate-related projects in developing economies by 2030.
Kawe Zahidi, associated with the United Nations Food and Agriculture Organization (FAO), told UN News that only around five per cent of development finance related to climate change reaches the agricultural sector, and this share is continuing to decline. Investment in climate adaptation could help farmers restore degraded and damaged land, improve water management and cultivate crops capable of withstanding droughts and floods. Increasingly unpredictable weather conditions and phenomena such as El Niño are also threatening food production. The greatest risk, however, is the failure to invest in agriculture, as this could further increase food insecurity and hunger.
Sanja Buri, associated with the United Nations University's Institute for Environment and Human Security, explained that the longer it takes for a farmer to receive assistance, the longer and more expensive the recovery process becomes. Even with better preparedness, some natural disasters cannot be prevented. In such circumstances, the speed with which financial assistance reaches affected people after a disaster can play a decisive role in their recovery. Consider, for example, a farmer in Fiji whose fields have been devastated by a tropical cyclone. The crops have been destroyed, but expenses continue, while several months remain before the next harvest. An innovative insurance mechanism is helping farmers in such situations by providing financial assistance without requiring them to wait for a lengthy assessment of their losses. Known as parametric insurance, the system makes payments when predetermined conditions, such as wind speed or rainfall levels, are met. The program is operating in eight Pacific countries and has already benefited thousands of people.
The demonstrations for climate justice at COP31 also resonated inside the conference's main hall, where civil society representatives gathered to bid farewell to UN Secretary-General António Guterres on the occasion of his final COP. Participants said that over the past decade, Guterres had been one of the strongest advocates and most prominent voices for climate justice. On the occasion, he was presented with an award recognizing efforts to make polluters pay. Participants gave him an emotional standing ovation and invited him to attend a future COP as a representative of a non-governmental organization. The ceremony soon took on the familiar character of a climate protest, with chants of "Make Polluters Pay" echoing throughout the hall. Addressing the gathering, the Secretary-General said fossil fuel companies were making extraordinary profits and that these profits should be taxed to help people suffering from a crisis they had played almost no role in creating. He warned that confronting this issue meant challenging powerful lobbying groups and forces exerting pressure on governments. He also urged climate activists to maintain their pressure.
Disagreements persist among participating countries over how progress towards the target of tripling climate finance by 2035 should be measured and which base year should be used. Developing countries are demanding stronger financial commitments from wealthy nations, while some countries are emphasising the need to mobilize private investment. Negotiators have yet to reach an agreement on reliable financial support and assistance mechanisms for vulnerable populations and communities affected by climate change.
