UN Secretary-General António Guterres on Friday called on developed nations to dramatically scale up climate financing for vulnerable developing countries, declaring the current global climate finance system riddled with 'structural injustice.' His remarks came at a press conference during the 31st United Nations Climate Change Conference (COP31), held in the Turkish coastal city of Antalya.

The Funding Gap Guterres Flagged

Guterres painted a stark picture of the mismatch between commitments and actual need. 'Developing countries, particularly the most vulnerable, will need far greater support for adaptation and for loss and damage,' he said. 'Even tripling adaptation finance would meet less than 30 per cent of what is needed.'

The UN chief did not mince words on who bears responsibility. 'Those that pollute more have not created the conditions to gather the resources that are necessary to adequately respond to the needs of those that suffer,' he said, drawing a direct line between historical emissions and the obligation to fund climate resilience.

Making Every Dollar Work Harder

Beyond calling for larger contributions, Guterres urged a smarter deployment of the funds that already exist. He argued that channelling public money into the capital of multilateral or national development banks could act as a force multiplier — with every $1 of initial public investment potentially unlocking $8 to $10 in total financing. He also pressed national and multilateral development banks to expand their use of guarantees as a tool to draw in private-sector capital at scale.

Climate Finance at the Heart of COP31

Climate finance has emerged as the defining fault line at COP31. Developing nations arrived in Antalya demanding concrete, legally binding commitments — not aspirational pledges — from wealthier economies that have industrialised over decades at the planet's expense. The negotiations reflect a broader tension that has dogged every COP since the Paris Agreement: who pays, how much, and through what mechanisms.

Notably, the $100 billion per year climate finance target that developed countries pledged for 2020 was met only in 2022, two years late, and critics argue that much of that figure was counted through loans rather than grants — adding debt burdens to already-stressed economies. This context gives Guterres's 'structural injustice' framing particular weight at COP31.

What Happens Next

Negotiators at COP31 are working toward a new collective quantified goal on climate finance to replace the outdated $100 billion benchmark. The outcome of these talks will determine whether Guterres's call translates into enforceable commitments or remains another aspirational statement in a long line of them. All eyes are now on how developed-country blocs — particularly the European Union and the United States — respond to the pressure mounted in Antalya.