GlobalWarming & ClimateChange News Desk – The lack of new climate-finance pledges from developed countries – highlighted this week by new analysis from Carbon Brief – is amplifying divisions at COP31.
Developed countries are required under UN climate treaties to provide financial support for climate action in developing countries.
A large chunk of this funding is expected to come in the form of public spending by countries such as Germany, France and Japan.
Yet, following massive cuts to foreign aid by many of the biggest climate-finance donors, only a few have come forward with new pledges ahead of COP31.
As a result, Carbon Brief analysis shows that the amount of public climate finance pledged by these nations in the coming years is around 70% lower than it was in 2025.
‘A difficult situation’
Barbados prime minister Mia Mottley cited Carbon Brief’s analysis to reprimand developed countries in an address on Wednesday, telling leaders:
”My friends, let us be clear: pledges are not payments. But even the promised pledges are now 70% below previous levels.”
NGOs at the summit also pointed to this “staggering” and “embarrassing” decline, noting that even COP31 co-president Australia had announced nothing but “hot air”.
All the biggest issues being discussed at COP31 – including adaptation, just transition and electrification – require significant investment to make them a reality.
Amid economic pressures and escalating climate disasters, developing countries argue that it is not feasible for them to undertake these actions without predictable financial support.
With the US absent from the UN climate process, there is more pressure on the remaining donors – most of which are European nations.
Many of these countries are trying to spend more on defence, while facing domestic political pressure from far-right parties that plan to eliminate foreign-aid spending.
They are also facing significant fiscal strain. When asked about the lack of new pledges, European Commission climate-finance lead Diana Acconcia told Carbon Brief:
“It’s clear that this COP is taking place in a difficult situation regarding budgets across the world…In the EU, we are also subject to difficulties.”
Deep divides
The lack of new climate-finance pledges is contributing to friction at COP31, notably in negotiations over a new “work programme” for climate finance.
The EU and other developed countries would like to keep the focus as broad as possible, considering all the different sources of finance – including the private sector, development banks and, crucially, wealthier developing countries.
Developing countries see things differently. The G77 and China coalition wants to focus exclusively on Article 9.1 of the Paris Agreement, which specifies that developed countries “shall provide financial resources” to developing countries.
With few firm commitments about future public finance, some parties – notably the Like-minded Developing Countries (LMDCs) – want to set up a new process that holds developed countries to account.
They say this could include an “action plan” that ratchets up finance over time, with “burden-sharing arrangements” to identify how much funding is needed from each party.
Divisions over finance are set to spill into other negotiating tracks in the coming days. This can already be seen in early text on a proposed “cover decision” and the “global goal on adaptation” – which may or may not flesh out a target to triple adaptation finance.
At Sterling Publishing & Media Service Agency, we prioritise transparency and accountability in all our operations. We wish to clarify that we are not responsible for any external content, hyperlinks, or costs associated with our services. Nevertheless, we remain committed to delivering outstanding services and greatly value your continued support. Thank you for your trust in us.
