COP31: the crisis of climate finance

The Express Tribune published an opinion article on COP31 arguing that climate finance for developing countries remains inadequate and often comes as costly debt. It says developed countries’ 2009 pledge to mobilise $100 billion annually took years to approach, while an Oxfam report put actual funding in 2022 at about $28-35 billion, despite claims of $116 billion.

The article says around 65-70% of climate finance was delivered as loans and that only $15-18 billion went to adaptation, against an estimated need of $310-365 billion. It cites Pakistan’s estimated $30 billion in losses from the 2022 floods, limited financial support and additional borrowing, and calls for stronger accountability and changes to participation at UNFCCC meetings.