Negotiators arrive at COP31 in Antalya, which runs November 9 to 20, with two new reports from the UN climate process’s Standing Committee on Finance. Together they show larger overall flows, a weaker adaptation number and data that are still incomplete. For investors, development lenders and ministries, the reports are the baseline for this year’s finance talks.
The $100 billion goal
The committee’s third progress report, dated November 3, cites OECD figures showing climate finance provided and mobilized by developed countries of $132.8 billion in 2023 and $136.7 billion in 2024. It says the $100 billion goal was reached for the second and third consecutive years.
The composition of that money remains a live issue. The report cites $68.5 billion in loans and $29.7 billion in grants in 2024. Adaptation-specific finance reached $34.7 billion that year, and mitigation $86.9 billion. Private finance mobilized was $30.5 billion.
A second data set is less complete. Preliminary figures from a subset of parties show $60.3 billion in 2023 and $56.7 billion in 2024. The committee says these will change once parties file their second biennial transparency reports, due by the end of 2026.
The wider picture
The committee’s Seventh Biennial Assessment puts global climate finance at an annual average of $1.9 trillion in 2023 and 2024, up 32 percent from 2021 and 2022. The report cautions that this is aggregate climate-related investment and should not be confused with international finance commitments.
Only about 9 percent of the total, or $183 billion a year, crossed borders to developing countries. Private sources supplied 62 percent of global flows. Grants made up 7 percent.
Tracked global adaptation finance averaged $63 billion a year, down 20 percent from 2021 and 2022. That is 3 percent of total flows, or 5 percent when cross-cutting finance is included. Public sources supplied 89 percent of it, which leaves adaptation far more dependent on government and development budgets than the broader market.
What needs look like
The progress report sets those flows against stated needs. In the 2025 synthesis of national climate plans, 33 parties reported costed needs of about $1.34 trillion for mitigation and about $561 billion to $565 billion for adaptation. A separate 2025 synthesis of transparency reports found needs of about $3.4 trillion across 37 developing country parties.
The 2023 and 2024 data will also feed future work. The assessment says it will inform the first report on progress toward the new collective quantified goal, which followed the $100 billion target. Delegates in Antalya will be working with numbers that may be revised once the year-end filings arrive.
