NEW YORK: Pakistan has been selected as one of the first five pilot countries for a new COP31 initiative aimed at helping developing nations turn climate commitments into finance-ready projects and mobilise international funding.
The COP31 Presidency announced Ethiopia, Fiji, Indonesia, Pakistan and Uzbekistan as the initial participants in its Climate Implementation Bridge (BRIDGE) initiative during New York Climate Week.
The programme is being developed with the United Nations Development Programme (UNDP) ahead of the UN climate summit in Antalya, Türkiye, in November.
Building Projects
The BRIDGE initiative aims to close the gap between countries’ climate plans and the financing needed to implement them by developing bankable project pipelines and strengthening national capacity.
For Pakistan, which faces climate-related risks including floods, droughts, heatwaves and water stress, the initiative could help connect climate and development priorities with international financing opportunities.
The pilot countries will develop country-led pathways linking climate finance with investment-ready projects and national development targets.
Lessons from the initial group will later be used to expand the programme to other developing countries, including Small Island Developing States and Least Developed Countries.
The initiative will also seek to identify barriers to implementation, strengthen investment readiness and improve access to existing international climate-finance mechanisms.
Urban Resilience
The COP31 Presidency also launched the Sustainable Urban Resilience Financing Facility (SURFF) in partnership with ILBANK, UN-Habitat and the World Bank.
SURFF will focus on three areas: linking national urban resilience priorities with project preparation and financing; developing tools and sharing implementation experience; and facilitating international dialogue on climate finance and resilient cities.
Türkiye’s Minister of Environment, Urbanisation and Climate Change Murat Kurum said climate targets could not be achieved without adequate financing.
“Climate ambition without finance is like an EV without a battery – it won’t go anywhere,” he said, calling for climate plans to be converted into investable projects and matched with suitable financing.
COP31 Agenda
The initiatives form part of the COP31 Presidency’s broader Action Agenda, which focuses on accelerating the implementation of climate commitments.
The presidency earlier launched the “35-by-35 Global Electrification Pledge” and a separate initiative on climate-responsible artificial intelligence.
COP31 is scheduled to take place in Antalya, Türkiye, in November.
