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Analysis: Climate-finance pledges fall 70% as countries meet at COP31
Public climate-finance pledges from developed countries have fallen by about 71% in 2026, just as the COP31 summit begins in Turkey. The shortfall matters because developing countries rely on this funding to reduce emissions and prepare for climate impacts, while governments face pressure to replace commitments that mostly expired in 2025.
Current pledges amount to about $11.7bn a year, compared with roughly $40bn previously. Only five countries have announced new multi-year commitments, and the UK is the sole major donor among them; Germany, France and Japan have yet to set out plans, while no US pledge is expected. The UK’s new commitment and the European Commission’s existing budget-period promise account for most of the announced funding.
In short
- Annual public climate-finance pledges are down about 71%.
- Current commitments total roughly $11.7bn a year.
- The UK is the only major donor to announce a new pledge.
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The case for
Developing countries need predictable finance to cut emissions and adapt to climate impacts, despite having contributed less to the problem historically and often having fewer resources to respond. The sharp fall in pledges risks delaying projects and weakening trust in international climate agreements; renewed, multi-year commitments could provide stability and make collective action more credible.
The case against
Donor governments must balance climate finance with domestic spending pressures and competing public needs, and they may question whether existing funds are being used effectively or fairly shared. Rather than announce large new pledges before agreeing clearer priorities, oversight and burden-sharing, they may prefer to commit gradually or through other forms of support.
Explained simply
Climate finance is money from wealthier countries to help lower-income countries cut greenhouse gas emissions and cope with effects such as floods, heat and drought. It can pay for projects including clean energy, stronger infrastructure and preparation for extreme weather.
Countries agreed under the UN climate process to provide this support, but many earlier funding commitments covered periods that ended in 2025. Governments now face the task of deciding what support will follow, while developing countries seek funding to meet climate goals and protect people from climate risks.
The COP climate summit brings together governments to discuss action on climate change. Donor countries, including the UK and European states, are central to decisions about public funding; the United States has also been a major source of climate finance.