The key facts

  • Wayne King (Cook Islands) urged COP31 to focus on implementing the 'new collective quantified goal' of $300 billion per year by 2035
  • The previous target of $100 billion per year, he said, was only recently met
  • One financing mechanism received about 120 applications totaling roughly $2 billion against $150 million available

Key demand: implementation, not new promises

On the sidelines of the COP31 climate summit taking place in Turkey, Wayne King, Climate Change Director of the Cook Islands, said that developing countries need not further promises but concrete financing mechanisms to fulfill the $300 billion per year commitment. 'The main thing is to actually reach an agreement so that we can move forward under the so-called new collective quantified goal,' he said.

From $100 billion to $300 billion

King recalled that developed countries had previously committed to mobilizing $100 billion per year to support developing states under the Paris Agreement — a target that, according to him, was met only recently. The subsequent agreement provides for mobilizing at least $300 billion per year for developing countries by 2035. 'We want to actually implement this,' he emphasized, noting the need for a clear roadmap and mechanisms enabling climate funds to provide financing. He also called it important to ensure the Adaptation Fund's ability to triple its financing, and said these two financial issues were what brought him to the summit.

Barriers for small island states

King drew attention to administrative and technical obstacles in accessing international climate finance. According to him, the Cook Islands spent two years studying all the procedures: preparing successful applications requires considerable expertise and institutional capacity. Many countries rely on international consultants, but the Cook Islands decided to build their own capacity — 'and that took time, and it is a big challenge,' he noted.

Demand far exceeds available funds

Available climate finance, King said, falls far short of needs. He cited the example of a mechanism that received about 120 applications while only roughly $150 million was available: individual applications sought around $20 million, and total demand amounted to about $2 billion. 'Needs exceed financing,' he concluded. King also said that the optimism surrounding the adoption of the Paris Agreement in 2015 has not fully translated into sustainable development that adequately addresses climate and biodiversity challenges, and warned that shrinking financial resources create serious difficulties, especially for developing countries.