Energy Crisis Threatens Climate Finance Pledges at COP31 Summit in Turkey

The COP31 UN climate summit opened Monday in Antalya, Turkey, amid global economic turmoil from rising energy costs linked to the US war on Iran, raising doubts about nations' ability to fulfill climate finance pledges. Previous commitments have seen shortfalls, with developed countries missing the 2020 target by collecting only $83.3 billion, though funding later rose to $136.7 billion by 2024. A new goal requires at least $300 billion annually by 2035, while developing nations demand $1.3 trillion. The energy crisis has fueled inflation and political upheaval, including the Republican Party's defeat in US midterm elections. European Union finance ministers failed to clarify how to provide climate funding, and the US, under President Trump's anti-renewable stance, skipped the summit for the first time.