Canada and the UK reaffirm their commitment to mobilising at least $1.3 trillion annually in climate finance for developing countries by 2035, as agreed at COP29.
Canada outlines a five-year goal of more than C$14 billion in climate-related support, including C$116 million for 12 new projects.
The UK announces around £6 billion in international climate finance through development assistance over three years, alongside £6.7 billion in other public investments.
Both countries reiterate support for tripling adaptation finance by 2035, even as disagreements over climate funding continue at COP31.
Developing countries need an estimated $305 billion annually for adaptation by 2035, while international public adaptation finance stood at just $28.2–31.7 billion in 2024.
Canada and the United Kingdom have reaffirmed their commitment to scaling up climate finance for developing countries, outlining funding plans as negotiations over global finance targets continue at COP31 in Antalya, Türkiye.
In a joint statement on November 13, Canada's Minister of Environment, Climate Change and Nature Julie Dabrusin and UK Minister of State for Climate Transition Katie White reiterated their support for the New Collective Quantified Goal (NCQG), agreed at COP29 in Baku, Azerbaijan, in 2024.
The agreement calls for climate finance for developing countries to reach at least $1.3 trillion annually by 2035 from all sources, with developed countries taking the lead in mobilising at least $300 billion annually.
Both ministers reaffirmed their countries' obligations under Article 9 of the Paris Agreement to provide financial resources to developing countries. They also supported efforts to triple adaptation finance by 2035, following discussions at COP30 in Belém, Brazil.
Canada said it had delivered more than C$14.3 billion ($10.02 billion) in international climate finance since 2015. According to government estimates, this support is expected to help avoid nearly 658 million tonnes of greenhouse gas emissions by 2050 and assist 40.2 million people in adapting to climate impacts.
In April 2026, Canada announced a goal of providing more than C$14 billion ($9.8 billion) in climate-related support to developing countries over five years.
The package includes public grants, concessional loans, financing through multilateral development banks, investments by development finance institution FinDev Canada and efforts to mobilise private capital.
On November 13, Dabrusin announced C$116 million ( $81.27 million) for 12 climate finance projects, marking the first funding under the new five-year goal.
The UK said its international climate finance programme had helped 159 million people adapt to climate change since 2011, reduced or avoided 201 million tonnes of greenhouse gas emissions and supported more sustainable management of 21.5 million hectares of land.
It also reported mobilising £26 billion ($34.82 billion) in public and private finance.
The UK delivered £12.8 billion ($16.93 billion) in international climate finance between 2021-22 and 2025-26. It has now outlined around £6 billion ($7.94 billion) in international climate finance through official development assistance over the next three years, mostly in grants, alongside £6.7 billion ($8.87 billion) in public investments outside official development assistance.
Canada and the UK also welcomed plans by FinDev Canada, British International Investment and Norway's Norfund to collaborate towards mobilising $10 billion in climate finance by 2030.
The announcements come amid disagreements over climate finance at COP31, which began on November 9 and runs until November 20.
At the opening plenary, countries agreed to include the two-year Climate Finance Work Programme (CFWP) on the agenda. The programme, agreed at COP30, is intended to advance discussions on scaling up finance.
However, a separate proposal to include tripling adaptation finance as an agenda item was dropped after countries failed to reach consensus.
India expressed regret over the exclusion, while the European Union raised concerns about the treatment of the work programme.
The funding gap remains substantial. The United Nations Environment Programme's 2026 Adaptation Gap Report estimates that developing countries will need $305 billion annually for climate adaptation by 2035.
International public adaptation finance from developed to developing countries stood at just $28.2 billion to $31.7 billion in 2024.
Speaking at the seventh biennial high-level ministerial dialogue on climate finance on November 13, UN climate chief Simon Stiell warned that meeting financial targets did not necessarily mean developing countries' needs were being met.
He called for the Baku-to-Belém Roadmap to turn the $1.3 trillion annual finance goal into reality as negotiations continue towards the summit's November 20 conclusion.