Turkey's $1 Trillion Ask Ahead of COP31

As host of COP31 this November, Turkey has been vocal about the scale of the shortfall behind even record-breaking climate finance numbers. Its climate minister estimated in April that developing countries need close to $1 trillion to fully meet their climate targets — a figure that dwarfs the $120 billion/year 2030 goal MDBs are currently tracking toward, and underscores why even this week's record $163bn figure is being read by analysts as encouraging but nowhere near sufficient. E3G's Danny Scull has separately floated a more modest but still far larger "true" adequate target of roughly $180 billion a year. Whichever number you use, the gap between what MDBs delivered this year and what's actually needed remains enormous heading into November's talks (Reuters).