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COP31’s Twin Hurdles
The COP31 negotiations in Antalya face a gap between developing countries’ need for climate finance and the pressures of war and energy security, which are pushing governments to prioritize military spending and fuel supplies over environmental commitments. The financing gap exceeds $1 trillion a year. The donor countries’ pledge to provide $100 billion annually was not fulfilled until 2022, while the COP29 agreement aims to mobilize $300 billion a year by 2035 and calls for efforts to raise climate finance to $1.3 trillion. Disruptions in the Strait of Hormuz—which carried around 20 million barrels of oil a day before the war—are bringing fossil fuels back to the top of urgent priorities. The conference’s success, meanwhile, hinges on turning pledges into tangible financing and action.
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