Kurum urges action to close global climate finance gap

ISTANBUL

Global climate finance needs stand at between $7.5 trillion and $9 trillion, while current funding amounts to around $1.9 trillion, Environment, Urbanization and Climate Change Minister Murat Kurum has said.

“I describe this difference as a chasm. We have to close it,” Kurum said at the Istanbul Climate Finance Summit held at the Istanbul Financial Center.

Kurum, who is also COP31 president-designate, said financing would remain at the center of Türkiye’s agenda for the United Nations climate conference, scheduled to take place in Antalya from Nov. 9 to 20.

“Now is the time to demonstrate stronger, bolder and more concrete political will on climate action,” he said, calling for greater investment in clean energy, electrification, water security, resilient cities and green industry.

Kurum pointed to NATO allies’ commitment to spend 5 percent of gross domestic product on defense and broader security-related needs by 2035, saying climate security required ambition on a similar scale.

“Defense spending is seen as an investment made today against future threats. We must view climate investment through the same strategic lens,” he said.

Kurum said COP31 would focus on turning climate commitments into investment and practical projects.

The COP31 Presidency has established the Climate Implementation Bridge to connect developing countries with financing and convert their climate and development priorities into projects ready to receive funding.

One of its instruments, the Sustainable Urban Resilience Financing Facility, was developed by İLBANK together with Türkiye’s Climate Change Presidency and the COP31 Presidency. It aims to strengthen local authorities’ capacity to prepare projects and turn cities’ needs into viable investments.

Türkiye needs $80 billion for energy infrastructure

Speaking at the summit, Energy and Natural Resources Minister Alparslan Bayraktar said Türkiye’s energy infrastructure alone would require at least $80 billion in investment through 2035.

Bayraktar said private capital, international financial institutions, development banks and long-term institutional investors needed to be mobilized.

Financing mechanisms should reduce risk and capital costs while making clean energy and climate-resilient infrastructure projects commercially viable, he said.

Bayraktar cited the need for investment in energy efficiency, nuclear power, storage, electrification, renewable energy and transmission and distribution networks.