Wealthy nations have yet to provide a meaningful response to calls for increased climate financing from poorer countries facing the greatest risks from climate change, as the COP31 climate summit continues in Antalya, Türkiye.
Two years ago, developed countries agreed to increase annual climate finance for developing nations to at least $300 billion by 2035. However, the commitment has faced growing uncertainty amid changes in US policy under President Donald Trump, including Washington’s withdrawal from international climate financing efforts.
At the same time, conflicts in Ukraine and the Middle East, alongside rising global prices, have led Western governments to place greater emphasis on national security and reducing the cost of living for their populations.
Global military spending reached $2.89 trillion in 2025. In response, Marshall Islands President Hilda Heine has called on countries to redirect resources towards saving human lives rather than financing wars.
A study prepared and published by Brazil estimates that, under current trends, the world could face an $840 billion shortfall in meeting the $1.3 trillion climate finance target set for 2035.
Against this backdrop, Türkiye, which is hosting COP31, and Australia, serving in a key supporting role, are pushing for existing financial commitments to be implemented as quickly as possible rather than introducing new targets. Their focus is on turning previous promises into concrete action and improving access to climate funding.
Despite the wider funding challenges, the Solomon Islands has pledged $400,000 from its national budget towards climate efforts.
The Bahamas has also allocated $75 million to projects aimed at reducing greenhouse gas emissions, setting an example for other countries to follow.
