# Climate Finance Pledges Plummet 70% Ahead of COP31 Summit Developed nations slash climate aid commitments as global political and fiscal pressures mount. - **Source:** [Carbon Brief](https://www.carbonbrief.org) - **Published:** 2026-11-11 - **Topic:** [climate](https://brifing.si/c/climate) - **Original article:** - **On Brifing:** https://brifing.si/s/a6bf03b1-83c3-41ef-ba44-10e7ee9c7e60 ## Sharp Decline in Funding Public funding pledges for climate action in developing countries have dropped by over 70% in 2026. Data indicates that annual commitments have fallen from approximately $40 billion to just $11.7 billion. This significant reduction occurs as most previous multi-year pledges expired in 2025, leaving a major gap in international climate support. ## US and European Withdrawals The United States has ceased all official climate finance following its withdrawal from the Paris Agreement under the Trump administration. Simultaneously, major European contributors like Germany and France have failed to announce new multi-year plans. These nations cite domestic economic strain, rising defense spending, and shifting political priorities as primary reasons for cuts. ## The UK's Limited Commitment The United Kingdom stands as the only major donor to announce a new multi-year climate finance pledge. It committed £6 billion in aid between 2026 and 2029, supplemented by £6.7 billion in additional public finance. However, analysts note that when excluding these new categories, the UK's underlying aid ambition has actually decreased compared to previous cycles. ## Political Shifts Impacting Aid The rise of far-right movements and center-right governance in Europe has deprioritized international climate finance. In Germany, the CDU-led coalition has moved climate funding to the background, while France faces similar political instability ahead of upcoming elections. These domestic political environments make securing new international financial commitments increasingly difficult for current government leaders. ## Developing Nations' Urgent Needs As the COP31 summit begins in Turkey, developing countries are emphasizing their urgent need for predictable financial assistance. They are championing a new climate-finance work programme to address the funding shortfall. These nations rely on these public funds to cut emissions and build resilience against the increasing frequency of climate-related disasters worldwide. ## The Role of EU Budget The European Commission remains a primary contributor, promising an average of $4.5 billion annually through 2027. This commitment stems from a previously agreed €28 billion budget period rather than a new pledge. Negotiations regarding post-2027 contributions are currently ongoing, leaving the long-term outlook for European climate support uncertain amid broader fiscal budget discussions. ## Methodology of the Analysis This analysis by Carbon Brief utilizes a tracker maintained by NGOs NRDC and E3G. It focuses on 23 developed countries and the EU, converting multi-year targets into annual averages. The study excludes countries like Japan that do not announce specific public-finance pledges, ensuring a consistent comparison of official government commitments across the decade. ## Absence of Key Hosts Australia, which is co-hosting the COP31 summit alongside Turkey, has notably failed to announce a new climate finance pledge. Advocates warn that this absence sends a damaging message to global negotiations. Experts suggest that such inaction emboldens those resisting climate action, potentially undermining the summit's ability to reach new, ambitious financial targets. ## Negotiation Tensions at COP31 EU climate chief Wopke Hoekstra recently stated that discussions on new funding are currently stalled. This stance has created friction with developing nations, who lack clarity on future support levels. The resulting atmosphere makes the ongoing finance negotiations significantly tougher, as trust between developed and developing nations continues to erode over unmet financial expectations. ## Future Outlook for Finance The current lack of new commitments threatens the global goal of scaling climate finance to $300 billion by 2035. Without renewed pledges from major economies, the burden on the private sector to mobilize capital increases. Observers argue that developed countries must demonstrate leadership to prevent a total breakdown in international climate cooperation. ## Sources covering this story - https://www.carbonbrief.org/analysis-climate-finance-pledges-fall-70-as-countries-meet-at-cop31 — --- _Summary written by Brifing from the original reporting. Copyright in the original article belongs to its publisher; read the full piece at the link above._