Canada and UK back $1.3tn climate finance goal at COP31

Canada and the U.K. detailed climate-finance plans on Nov. 13 at COP31 in Antalya, backing a $1.3 trillion annual goal by 2035, Asianet Newsable reported on Nov. 15.

The debate matters because the UNEP 2026 Adaptation Gap Report estimates developing nations need $305 billion annually for adaptation by 2035, while public adaptation finance was $28.2 billion to $31.7 billion in 2024.

Canada’s Environment Minister Julie Dabrusin and U.K. Minister of State for Climate Transition Katie White reaffirmed support for the New Collective Quantified Goal, the finance framework agreed at COP29 in 2024. The goal calls for climate finance from all sources to reach $1.3 trillion a year by 2035, with developed countries leading efforts to mobilise at least $300 billion annually.

The ministers also restated obligations under Article 9 of the Paris Agreement, which requires developed countries to provide financial resources to help developing countries address climate change. They backed efforts to triple adaptation finance by 2035, after COP30.

Canada said it has provided more than C$14.3 billion, or $10.02 billion, in international climate finance since 2015. It estimated that support could avoid nearly 658 million tonnes of emissions by 2050 and help 40.2 million people adapt to climate impacts.

In April 2026, Canada set a five-year target of more than C$14 billion, or $9.8 billion, in support. Dabrusin on Nov. 13 announced C$116 million, or $81.27 million, for 12 projects, the first funding under that goal.

The U.K. said its climate-finance programme has helped 159 million people adapt since 2011, reduced or avoided 201 million tonnes of emissions and supported sustainable management of 21.5 million hectares. It also reported mobilising £26 billion, or $34.82 billion, in public and private finance.

The U.K. delivered £12.8 billion, or $16.93 billion, in international climate finance between 2021-22 and 2025-26. It outlined £6 billion, or $7.94 billion, through official development assistance over the next three years, mostly as grants, plus £6.7 billion, or $8.87 billion, in public investments outside that assistance.

Canada and the U.K. also welcomed plans by FinDev Canada, British International Investment and Norway’s Norfund to collaborate on mobilising $10 billion in climate finance by 2030.

The funding statements came as COP31 negotiators disagreed over the structure of finance talks. Countries agreed at the opening plenary to place the two-year Climate Finance Work Programme, created at COP30, on the agenda, but a proposal to add tripling adaptation finance as a separate agenda item was dropped after no consensus emerged.

India regretted that decision, while the European Union raised concerns about the work programme, according to the article. UN climate chief Simon Stiell told the seventh biennial high-level ministerial dialogue on climate finance on Nov. 13 that hitting finance targets would not necessarily mean developing countries’ needs had been met.

Stiell urged countries to use the Baku-to-Belém Roadmap to turn the $1.3 trillion annual goal into reality before COP31 closes. The summit is scheduled to run from Nov. 9 to Nov. 20.