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After Monday’s late-ending opening plenary, delegates began formal negotiations on Tuesday morning. Finance talks ran all day and into the evening, while discussions on the mitigation work programme and the Global Goal on Adaptation saw Parties restate long-held positions. Most backed continuing the Mitigation Work Programme but disagreed on its length and review, with options ranging from extension to 2030 or 2040 to an open-ended mandate with periodic effectiveness reviews.

At a joint press conference, COP31 President Murat Kurum, Negotiations President Chris Bowen and UNFCCC Executive Secretary Simon Stiell named electrification a leading priority of the Action Agenda. Raising electricity’s share of final energy use from 23% to 35% by 2035 was described as demanding but essential for keeping the 1.5°C goal reachable. The President of Negotiations called the shift to an electric era a necessity rather than a choice, given the economic and social costs of delay. Stiell urged countries to rebuild their economies around efficient electric technologies powered by clean energy, promising less pollution and lower costs for households, businesses and public budgets.

President Kurum also told a business and policy panel hosted by COP31 Global Business Partner Koç Holding that Türkiye will deliver an implementation-focused conference through close cooperation between governments and the private sector.

Finance exposed deep frustrations. Developing countries decried shortfalls and even backtracking by wealthy nations. The USD 100 billion annual goal was met only in 2022, 2023 and 2024. Of more than USD 800 million pledged in 2023 to the Fund for Responding to Loss and Damage, USD 486 million has been delivered. The Green Climate Fund lost USD 5.1 billion in a year after US and UK cuts, and the Global Environment Facility saw a record-low replenishment. Demand is also heavy: 119 developing countries have requested roughly USD 2.8 billion from the loss and damage fund, and complicated application procedures add to the burden.

Parties sought assurance that the Adaptation Fund will receive a share of proceeds from the Article 6.4 carbon market mechanism, a key revenue source for a chronically underfunded body. They agree it should eventually serve the Paris Agreement exclusively, but want no disruption to existing income or delay in accessing those proceeds.

Access mattered as much as quantity. The loss and damage fund board reported on an extraordinary meeting held to support Nepal after a glacial collapse, which some saw as offering lessons on rapid response. Others wanted a review of the Green Climate Fund’s work on direct access, which supports project selection and decisions at local and national levels.

In Presidency consultations on a possible cover decision, many developing countries asked for recognition of finance gaps across mitigation, adaptation and loss and damage. It remains unclear whether the decision will contain further pledges or the concrete solutions the Presidency favors.

Meanwhile, the Antalya Leaders’ Summit opens today, hosted by President Recep Tayyip Erdoğan. Over two days, heads of state and government will deliver national statements and hold high-level dialogues on clean energy, climate finance and urban resilience, under a theme centered on sustainability, resilience and fairness.

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