Jahangir Khan Babu, Antalya (Türkey) 

Merely setting financial targets is not enough; climate finance must reach developing nations like Bangladesh on concessional terms tailored to their real needs rather than adding to their debt burdens, United Nations Climate Change Executive Secretary Simon Stiell said on Friday.

Addressing the High-Level Ministerial Dialogue on Climate Finance at the ongoing COP31 summit in Antalya, Türkiye, Stiell urged global leaders to ensure the mobilization of $1.3 trillion annually for developing countries.

Stiell noted that many developing economies are trapped in a vicious cycle of debt, climate disasters, and high capital costs. Escalating risks of floods, wildfires, storms, and droughts drive up borrowing costs for these countries, while the aftermath of disasters reduces public revenue, inflates reconstruction expenses, and deepens debt—ultimately shrinking fiscal space for resilience investments.

"Climate finance must aim to break countries out of this vicious cycle," he said, emphasizing the need to support holistic economic transformation rather than funding isolated projects.

The remarks carry significant weight for climate-vulnerable nations like Bangladesh, which requires massive funding to combat floods, cyclones, riverbank erosion, salinity intrusion, and sea-level rise without incurring unsustainable new debt.

Referring to existing global pledges, Stiell pointed out that targets have been set for developed nations to lead the mobilization of $300 billion per year by 2035, alongside enabling $1.3 trillion annually from all sources for developing countries. He stressed that concrete steps must be taken to implement these targets through the Baku-to-Belém Roadmap.

To make climate finance effective, the UN climate chief outlined four key priorities: tailoring financing terms to countries' debt profiles and fiscal capacities; simplifying complex bureaucratic access procedures; channeling more funds directly through strengthened national institutions and domestic systems; and aligning technology transfer and capacity-building initiatives with recipient countries' own priorities.

Stiell underscored that grants and highly concessional financing are particularly vital for Least Developed Countries (LDCs), Small Island Developing States (SIDS), and other climate-vulnerable economies, calling for stronger international cooperation to align climate resilience with sustainable economic growth.