July-August. 2026 | @ green • COP 31 09
Today, we issue a clear call to leaders around the world: the time has come to demonstrate stronger, bolder and more concrete political will for climate action.” effectively.
During the afternoon, the COP31 Presidency also unveiled the Istanbul Declaration on Climate Implementation and Finance, which was signed by multilateral development banks, development finance institutions, climate funds, international organisations, United Nations entities, national and local governments, city networks, private-sector representatives, institutional investors, commercial financial institutions, philanthropic organisations, and partner institutions.
In the declaration, signatories welcomed the BRIDGE, acknowledged the importance of the COP31 Presidency’ s electrification target to increase electricity ' s share of global final energy consumption to 35 per cent by 2035, and committed to greater collaboration to drive faster, better-coordinated action.
This collaboration ranges from enhancing institutional and technical support to supporting integrated local urban financing facilities, providing technical assistance, and strengthening capacity networks.
It will also support efforts to institutionalise coordination across COP31 and future Action Agendas, and to harness regional and international financial centres to strengthen investment partnerships and mobilise capital for climate implementation.
This declaration is a key element of the COP31 Presidency’ s engagement with Development Finance Institutions, International Finance Institutions and Multilateral Development Banks. These organisations will play a vital role in scaling up climate finance and supporting the Presidency’ s key priorities.
“ COP needs to become a place where we can seize opportunities for climate action and deliver concrete outcomes that address the real challenges people face. Finance is essential to this effort. Without finance, there is no implementation,” Kurum stressed.
He described ICFS as“ A dedicated space on the way to Antalya focused on how financial actors can both support the priorities of the Presidency, from electrification to waste, resilient cities, oceans and beyond,” adding that it would“ determine what the financial sector can do to catalyse and leverage finance at a far greater scale.”
Speaking about the state of climate finance, Kurum said:“ Our climate finance needs range from US $ 7.5 trillion to US $ 9 trillion. Yet the world currently invests only about US $ 1.9 trillion. I call that difference a chasm— one we must close.”
Without exception, we must stop treating climate finance as a cost. We must recognise it for what it truly is: a strategic investment today to avert far greater economic and social losses tomorrow.
The world is redefining what security means. NATO countries have embarked on a major transformation that will see defence-related investment rise to as much as five per cent of GDP. We expect to see ambition on a similar scale in climate security.
After all, defence spending is an investment made today to protect against tomorrow ' s threats. Climate investment must be viewed through the same strategic lens.
The question could not be clearer: if we no longer have a safe world to live in, what purpose will all our spending on defending our countries serve?
The real challenge is not merely to defend our countries. It is to leave future generations a livable world worth defending.
Today, we issue a clear call to leaders around the world: the time has come to demonstrate stronger, bolder and more concrete political will on climate action.
We urgently call on every world leader to commit more resources to clean energy, electrification, resilient cities and green industry— and to unite in global resolve to accelerate this transformation.
Together, these collaborative efforts are helping countries accelerate BTR preparation while building an implementation bridge towards COP 31, connecting practical solutions and country experiences with the support countries need to advance their transparency efforts.
Every country should be able to participate effectively in the ETF, with the capacity, support, and confidence to meet its reporting commitments.
With the ETF now fully implemented, the first transparency cycle shows that the framework is working and that the transparency community is working together towards a clear, shared goal: stronger political commitment, timely BTR submissions, and an ETF that works for all. – @ green