ANTALYA, November 14: COP31 has stepped up efforts to turn climate commitments into tangible projects, bringing governments, financial institutions and businesses together to address barriers to investment, improve access to climate finance and harness emerging technologies, including artificial intelligence.
The second day of the COP31 Business Forum, held alongside Finance and Trade Day on Friday, focused on mobilising additional funding and directing existing financial resources towards priority climate projects, particularly in developing countries.
A key development was the expansion of the COP31 Presidency’s Climate Implementation Bridge (BRIDGE), with Chile, Lebanon, Mexico and Zambia joining the initiative to help countries translate climate commitments into practical action.
They follow the first five participating countries — Ethiopia, Fiji, Indonesia, Pakistan and Uzbekistan — announced during the high-level week of the 81st United Nations General Assembly in New York.
The initiative aims to identify investment opportunities in mitigation, adaptation and climate resilience while addressing institutional and financial barriers that prevent countries from implementing their national climate plans.
Türkiye’s Ministry of Treasury and Finance and Ministry of Environment, Urbanisation and Climate Change signed a memorandum of understanding with the United Nations Development Programme (UNDP) to support BRIDGE’s implementation. Türkiye pledged $3m in grant funding to operationalise the platform.
The initial five participating countries are conducting government-led assessments to identify priority sectors, investment requirements and obstacles to implementation. The findings will help develop investment-ready projects and provide tailored technical and financial support.
COP31 President Murat Kurum said the central challenge was bridging the gap between climate ambition and implementation.
“Through BRIDGE, we help countries turn their national priorities into investable projects and connect them with the finance, capacity and partnerships needed to deliver,” he said, urging governments, financial institutions and businesses to translate climate plans into tangible results.
A separate development came with the launch of a Multilateral Development Bank (MDB) Partnership for Adaptation and Resilience Investment. Institutions including the Asian Development Bank and the European Bank for Reconstruction and Development pledged to expand investment in adaptation and mobilise additional public and private finance in response to growing demand.
Business forum seeks greater private investment
The two-day COP31 Business Forum, organised by the Union of Chambers and Commodity Exchanges of Türkiye (TOBB), brought together around 4,000 participants and 100 speakers across 23 sessions, making it the largest business gathering at a UN climate conference, according to the organisers.
Government representatives, business leaders, investors and financial institutions discussed ways to accelerate climate investment, expand the use of emerging technologies and strengthen cooperation between the public and private sectors.
On Friday, TOBB released a set of recommendations covering climate finance, standards and market rules, demand creation, institutional development and implementation tools.
The discussions focused on how businesses and investors could help overcome practical obstacles to climate investment, including financing gaps, regulatory uncertainty and the challenges of deploying new technologies.
TOBB President Rifat Hisarcıklıoğlu said the forum addressed issues central to the global economic transition, including financing climate investments, energy security, electrification of transport and industry, sustainable agriculture and climate-resilient cities.
Climate finance access remains a major challenge
Improving access to climate finance was another major focus of Finance and Trade Day, with the Coalition of Finance Ministers for Climate Action discussing the need for stronger coordination between finance and environment ministries.
The discussions included contributions from the UN Secretary-General, Türkiye and Australia, highlighting the importance of aligning national financial policies with the goals of the Paris Agreement.
Australia’s Clean Energy Finance Corporation (CEFC), in partnership with the Natural Resources Defense Council and SOAS University of London, launched the Green Bank Accelerator to help developing countries strengthen their green banking capacity and attract climate investment.
The initiative will provide technical support to countries seeking to establish or expand green banking institutions and improve their ability to mobilise finance for low-carbon development.
The CEFC has mobilised more than A$100bn towards Australia’s net-zero transition since beginning operations just over a decade ago.
Chris Bowen, Australia’s Minister for Climate Change and Energy and COP31 President of Negotiations, said access to climate finance remained particularly difficult for vulnerable communities.
“Climate finance only works if communities can access it. Pacific countries have been clear about the barriers they face. Only 0.2% of the world’s climate finance is going to small island developing states for adaptation,” he said.
UN Climate Change Executive Secretary Simon Stiell warned that many developing countries were caught in a cycle of mounting debt, climate disasters and high borrowing costs.
The risks of floods, fires, storms and droughts were driving up borrowing costs even before disasters struck, he said, calling for a simpler and fairer international climate finance system.
“Vulnerable developing countries need more affordable finance, faster,” Stiell said, adding that growing investment must reach more countries and benefit more communities.
UNDP Administrator Alexander De Croo said BRIDGE would connect countries’ climate plans with available public and private capital by turning national priorities into projects that investors could support.
UNDP would contribute its sustainable finance expertise and presence in 170 countries to help deliver the initiative, he said, adding that its success should be measured through safer communities, reliable clean energy and sustainable economic growth.
Urban resilience and agriculture receive attention
COP31 also continued efforts to mobilise funding for climate-resilient cities through the Sustainable Urban Resilience Financing Facility (SURFF), a priority initiative of the presidency.
International financial institutions, city networks, UN agencies and multilateral development banks, including the World Bank, Asian Infrastructure Investment Bank, Asian Development Bank and European Bank for Reconstruction and Development, have expressed support for the initiative.
Rather than establishing a new fund, SURFF is designed as a coordination and implementation mechanism to help governments and cities convert urban resilience priorities into investment-ready projects and connect them with existing finance, technical expertise and implementation support.
Agricultural financing also featured prominently, with the launch of the Back Future Farmers initiative bringing together young people, policymakers, funders and industry representatives.
The initiative seeks to improve young farmers’ access to capital and financing, helping them develop commercially viable agricultural businesses while strengthening food security, climate resilience and rural livelihoods.
Finance and Trade Day also reinforced cooperation with the Network for Greening the Financial System (NGFS), focusing on the economic and financial risks associated with climate change and the transition to a low-carbon economy.
A high-level meeting hosted by Central Bank of the Republic of Türkiye Governor Fatih Karahan, alongside NGFS Chair Olaf Sleijpen, highlighted the importance of international cooperation and knowledge-sharing in developing more coordinated financial and policy responses.