The UN’s Green Climate Fund (GCF) is considering borrowing money from banks and other investors in order to meet a goal set by governments at COP29 in November to increase spending by a group of funds that support developing countries.
At the talks in Baku, under pressure from small island nations and the Least Developed Countries (LDCs), all governments agreed to “pursue efforts to at least triple annual outflows” between 2022 and 2030 from UN climate funds like the GCF.
But with climate finance from wealthy governments faltering, Alain Beauvillard, the GCF’s director of strategy, policy and innovation, told Climate Home that the fund was considering tapping capital markets to help meet this goal.
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He said the GCF has an “ambitious” goal to manage $50 billion by 2030 – set in 2023 by its executive director – but foreign aid budgets are “not growing fast, some are falling and basically Ukraine is taking the greatest part”, so “we need some other sources of funding”.
The GCF will also look at accessing international financial assets called Special Drawing Rights and benefiting from proposals for global taxes on polluting economic sectors, he added.
Climate justice
But borrowing is controversial. Harjeet Singh, a frequent observer of GCF board meetings and director of the Satat Sampada Climate Foundation in India, told Climate Home that “turning to capital markets to scale up climate finance may address short-term funding gaps but fundamentally undermines the principles of climate justice”.
In his view, it “prioritises profit-driven projects like renewable energy over critical adaptation efforts and addressing loss and damage – both of which are essential for vulnerable communities bearing the brunt of the climate crisis”.
Those lending money to the GCF on financial markets would expect to be paid back with interest. While clean energy projects generally produce revenue which the GCF could use to pay off lenders, it is harder to make profit from rebuilding a hurricane victim’s house or constructing a seawall to defend against rising sea levels.
The COP29 language about tripling outflows from the climate funds was only added into the finance agreement at midnight on the last night of the tense summit, giving governments no time to debate the exact wording. The amounts and details have yet to be worked out.
Michai Robertson, finance negotiator for the Alliance of Small Island States (AOSIS), told Climate Home that its inclusion was a compromise made to them and the LDCs, following a dramatic temporary walk-out on the last afternoon of the talks.
While government aid agencies like USAID and multilateral development banks (MDBs) like the World Bank are at least largely controlled by developed countries, the GCF has a board made up of an equal number of developed and developing country representatives.
Aid agencies and MDBs often favour finance in the form of loans, emissions-cutting projects and big countries as recipients of their money. But the GCF has a mandate to invest half of its money in adapting to climate change, 50% of which goes to LDCs, small island developing states and African governments.
Open to interpretation
Richard Sherman, a South African climate negotiator who was at COP29, told Climate Home that developing countries assumed that tripling outflows from these funds also meant tripling inflows “and definitely not doing three times more with what they are currently getting”.
“Now it seems the Baku language means everything to anyone,” he said. “This will probably be the start of endless negotiations of what we actually agreed to.”
Sherman warned that the GCF’s board and its trustee – the World Bank – would have to agree if the GCF is to enter the capital markets, adding that getting money from SDRs and solidarity levies would also be “complicated”. He called these proposals “stock-standard developing-country treasury approaches”.
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Some UN funds already borrow money. In 2022, the International Fund for Agricultural Development was the first UN agency other than the World Bank to access the capital markets to lend to rural communities in poverty.
Last Tuesday, the Climate Investment Funds (CIF) – one of the world’s largest multilateral climate funds – issued its first bond, borrowing $500 million to lend to clean technology project developers in developing countries. This process was begun by former CIF head Mafalda Duarte, who now leads the GCF.
Current CIF head Tariye Gbadegesin called the bond issue “a historic moment for climate finance” which would “multiply the funds available for scaling up clean technology and infrastructure in developing countries – not in ten years, but now, when it’s most critically needed”.
She noted that demand for the bonds was more than six times higher than supply, describing this as “an enormous vote of confidence and a sign of the keen market interest in backing high-quality clean energy projects”.
Carbon levy for adaptation funding
When it comes to adaptation, the business case for going to the financial markets is far less clear. That leaves the UN climate funds that are focused on supporting projects to help vulnerable communities protect themselves from extreme weather and rising seas with fewer options for meeting the COP29 goal.
The UN’s Adaptation Fund, which has blazed a trail for this type of finance for 17 years, has to go cap in hand to wealthy government donors every year to solicit contributions in a bid to meet an annual target that is now set at $300 million. That is a challenge when national budgets are tight and needs are growing across proliferating climate funds.
For example, the fund garnered contributions of only around $133 million through COP29 last year – and while it’s not living hand to mouth, it has a significant pipeline of projects seeking funding. Given this tough backdrop, its head Mikko Ollikainen told Climate Home it was encouraging to see donor governments commit to tripling outflows, which he took as “a vote of confidence” in the Adaptation Fund’s work.
“The direction of travel is quite clear – that the needs are increasing and the adaptation finance gap is growing, and the decision from Baku would enable us to partly bridge that gap,” he said. “But, of course, this needs to be implemented – and then the finance, the funds would need to materialise to match this target that the (government) parties have set.”
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For the Adaptation Fund, the COP29 decision means increasing its allocations to projects and programmes to $400 million a year by 2030, which translates into an annual growth rate of 25%, Ollikainen said.
There is one other source of finance the Adaptation Fund can look to: countries have agreed it can receive a 5% levy on emissions reductions registered with the new UN carbon market – which could see credits start to change hands this year after its rulebook was finalised at COP29.
But previous experience with a similar levy on an earlier version of a UN offsetting regime, the Clean Development Mechanism, was disappointing. Revenue amounted to only 10% of the Adaptation Fund’s resources due to rock-bottom emissions permit prices.
Ollikainen said “there hasn’t been any sort of authoritative estimate of what we might be expecting” from the new market but welcomed the fact that countries had set a quantitative target for UN climate funds for the first time, signalling they are willing to ensure it is met.
Pressure on funds
Two other multilateral funds that mainly channel money for adaptation projects in poorer countries – the Least Developed Countries Fund and the Special Climate Change Fund – have struggled even more to get what they need, cancelling donor events at COP29 due to a lack of commitments.
Joe Thwaites, senior advocate for international climate finance with the US-based Natural Resources Defense Council, said the COP29 goal amounts to tripling outflows from all the funds combined to an annual $5.2 billion.
Donor governments will need to make new pledges to help them reach the the target, but it also puts pressure on the funds themselves to do more with the money they have in their coffers, he said, noting that “getting the money out of the door… has been one of the challenges”.
“It doesn’t get countries off the hook but if [the funds] can manage their money better, they could leverage that and get greater outflows off the same capital base,” Thwaites said.
(Reporting by Joe Lo; additional reporting by Megan Rowling; editing by Megan Rowling)
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Green Climate Fund looks at capital-market borrowing to meet COP29 goal
Antarctic sea ice has recorded its third-smallest winter peak extent since satellite records began 48 years ago, new data reveals.
Provisional data from the US National Snow and Ice Data Center (NSIDC) shows that Antarctic sea ice hit its annual winter peak on 14 September, with an extent of 17.59m square kilometres (km2).
The organisation notes that the data is still preliminary, adding that “large fluctuations in extent are typical of Antarctic sea ice near the seasonal maximum”.
One expert tells Carbon Brief that it is “concerning to see these low values persisting”, but says that scientists need more time to determine whether this represents a “structural shift” in Antarctic sea ice extent.
Meanwhile, at the Earth’s other pole, Arctic sea ice reached its annual minimum on 12 September, ranking as the joint-10th lowest in the satellite record.
The NSIDC notes that the last 20 years have seen the lowest 20 Arctic sea ice extents in the satellite record.
Antarctic peak
Dr Lettie Roach, a polar climate scientist at the Alfred Wegener Institute in Germany, tells Carbon Brief that this year’s Antarctic sea ice maximum was “well below average for the season”. She warns that, “after several decades of stable or increasing winter Antarctic sea ice conditions, it is concerning to see these low values persisting”.
She adds:
“Compared with the Arctic, it’s less clear how recent changes in Antarctic sea ice are attributable to human-caused warming vs natural variability. We need more years of observations to better understand whether this is truly a structural shift.”
Dr Clare Eayrs, a postdoctoral researcher at the Korea Polar Research Institute (KOPRI), tells Carbon Brief that, since recording a “near-average February minimum” extent, Antarctic sea ice has “returned to unusually low winter coverage”.
She notes that Antarctic sea ice extent in July and August this year were the fifth and fourth lowest on record, respectively, adding that “all five of the lowest July extents have occurred since 2022 and all four of the lowest August extents since 2023”.
The chart below shows Antarctic sea ice extent in 2025 (dark blue) and 2026 (red) so far. For comparison, the chart shows decadal averages (dotted lines) as well as 2023 (mid blue), the year of the smallest winter sea-ice maximum on record.
Eayrs tells Carbon Brief that the regional pattern of Antarctic sea ice cover “changed substantially during the growth season”.
For example, she says that “in April, the Bellingshausen Sea remained almost entirely ice-free, while the neighbouring Amundsen Sea had more ice than usual”.
However, by late August, changes in atmospheric pressure and wind meant that “the Bellingshausen deficit had largely recovered, while ice was unusually scarce in the Amundsen Sea and across much of East Antarctica”.
Arctic minimum
Meanwhile, the Arctic recorded its minimum summer sea ice extent on 12 September. At 4.60m km2, this year ties with 2025, 2010 and 2008 as the 10th-lowest sea ice extent on record.
The chart below shows Arctic sea ice extent in 2025 (dark blue) and 2026 (red) so far. For comparison, the chart shows decadal averages (dotted lines) as well as 2012 (mid blue), the year of the smallest summer sea-ice minimum on record.
Roach tells Carbon Brief that although this minimum is not “record setting”, it is still “lower than any sea ice minimum before 2007”. She adds:
“Human-caused climate change has reduced Arctic sea ice cover and thickness, so the region is fundamentally different compared to a few decades ago.”
Scientists have been tracking Arctic sea ice thickness using a reanalysis produced called the Pan-Arctic Ice Ocean Modeling and Assimilation System (PIOMAS) since 1979.
In March 2026, the National Oceanographic and Atmospheric Administration (NOAA) terminated a global dataset of air pressure that scientists relied upon to produce PIOMAS, forcing both datasets to stop publishing updates.
The PIOMAS website says it will take “considerable effort and time” to find alternative data to use in their reanalysis. It adds that “we don’t yet have a good sense if that’s possible with available funds and if so, when we will be able to resume production of a new PIOMAS timeseries”.
Roach also notes that August saw record-breaking heat sweep across much of the world, explaining that high temperatures “extended into Arctic coastal regions, close to regions with substantial sea ice loss – particularly the Barents-Kara and East Siberian seas”.
Dr Zack Labe, a scientist at Climate Central, tells Carbon Brief that the absence of a new record does not mean that ice cover is becoming more “resilient”. He says:
“Local weather patterns across the Arctic play a really important role in year-to-year sea-ice extent, even as the long-term trend is clearly downward.”
Labe tells Carbon Brief that weather in the Arctic this summer was “influenced mainly by lower pressure toward the central Arctic, which brought cloudier and cooler conditions that limited surface melt and delayed the start of the melt season”.
He explains that this “was most obvious across parts of the Beaufort and Chukchi seas, where the melt season didn’t really kick off until after early July, which was more than two weeks later than normal”.
In contrast, he says, the Atlantic side of the Arctic “had a much more extreme summer”, with sea ice in the Barents Sea recording its “earliest melt-out on record”.
This was partly due to “unusually warm air and ocean temperatures”, Labe says. He notes, for example, that parts of western Siberia saw unusually persistent temperatures more than 5C above the 1981-2010 average for much of the summer, which extended out over the Kara Sea and contributed to substantial ice melt in this area”.
Labe tells Carbon Brief that, going forward, scientists need “more data and observations of other sea-ice metrics, like ice thickness, which may give us better insight into the overall condition of the ice pack, especially during years like 2026 when it is very fragmented”.
(In March 2026, Arctic sea ice reached its peak extent for this winter, clocking in as the joint-smallest in a satellite record going back almost half a century.)
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The post ‘Concerning’ low sea ice persists as Antarctic hits third-lowest winter peak appeared first on Carbon Brief.
‘Concerning’ low sea ice persists as Antarctic hits third-lowest winter peak
Participants at COP31 in Antalya will have a “duty” not to interfere in Türkiye’s internal affairs under the country’s hosting deal with the UN, reviving a clause dropped for last year’s climate summit in Brazil that human rights groups warn could put activists at risk.
Türkiye has faced growing criticism from human rights groups over the jailing of opposition figures, journalists and activists and imposed a blanket protest ban around July’s summit of the NATO military alliance in Ankara.
The contested provision is included in the binding agreement between the UN climate secretariat and the Turkish government that sets out responsibilities over logistical arrangements and details participants’ rights and obligations.
The document, signed in June but only made public on Wednesday, gives accredited COP31 attendees immunity from legal action over what they say, write or do in connection with the conference. Climate Home News understands that this safeguard can be applied to what takes place both inside and, in certain circumstances, outside of the UN-controlled COP “Blue Zone”. For the first time, this protection explicitly continues after the summit ends.
But participants enjoying these “privileges and immunities” also have a duty to respect Türkiye’s laws and regulations and not to interfere in its internal affairs, the agreement states. Rights groups fear its wide-ranging formulation could be used to discourage criticism of the host government.
Climate Home News understands that whether an action is covered by the immunity or infringes on the host’s internal affairs would be evaluated on a case-by-case basis, with close coordination between the country’s authorities and the UN climate change body.
A separate provision states that immunity shall be waived where the UN believes it would “impede the course of justice”.
‘Chilling effect’
Those same provisions featured in the host country agreements for COP28 in the United Arab Emirates and COP29 in Azerbaijan, both regarded as authoritarian regimes, before being dropped for COP30 in Brazil.
Ann Harrison, climate justice policy advisor at Amnesty International, said it is “extremely disappointing” that the COP31 agreement re-introduced clauses that could “hinder the ability of human rights defenders and civil society organisations to conduct their work safely”.
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She added the provisions could have a “wider chilling effect” on rights to freedom of expression and peaceful assembly, given concerns over the human rights situation in Türkiye, including laws that “have shrunk civic space” and their “abusive” implementation by authorities.
The UN climate change body declined to comment.
Rights groups have documented blanket protest bans, unlawful use of force by the police and prosecutions of journalists, human rights defenders and lawyers across Türkiye in the last year.
Arrests and protest bans
Last July, environmental activist Esra Işık was sentenced to more than two years for “resisting” a public official over what Amnesty International described as a peaceful protest against an urgent expropriation order linked to the expansion of coal mining in south-western Türkiye. She is appealing the conviction.
Ahead of a summit of the NATO alliance in the capital Ankara in July, authorities put in place a 13-day blanket ban on demonstrations, citing “national security”, and arrested over 200 people. Human Rights Watch said the crackdown showed Türkiye’s “ruthless intolerance of freedom of speech and assembly”.
Earlier this month, Turkish police detained dozens of people as part of what rights groups described as the government’s widening crackdown on LGBTQ+ activists and venues.
Questioned by media as to how he would guarantee the right to protest at COP31, Kurum said earlier in September that his team would “try to meet” any request they receive from civil society and give them “a free space to express themselves”.
“Don’t worry, thinking you will not be able to voice your opinions or really share your thoughts,” he said in an attempt to reassure campaigners, adding that he had put former deputy environment minister Mehmet Birpinar in charge of liaising with civil society.
Civic space needed
Camilla Pollera, human rights and climate change campaigner at the Center for International Environmental Law (CIEL), said meaningful participation at COP31 is fundamental to the legitimacy of climate action.
“At a climate summit, civil society participation necessarily includes being present, speaking out, scrutinising governments’ decisions and climate policies, and advocating for communities most vulnerable to climate change,” she added.
At last year’s COP30 summit, thousands of Indigenous people and climate activists peacefully marched through the Amazonian city of Belém in the first major demonstration outside the UN venue in four years. Smaller-scale demonstrations were largely confined to the “Blue Zone” at COP27 in Egypt, COP28 in the UAE and COP29 in Azerbaijan.
In two other separate incidents in Belém, members of the Munduruku tribe blocked access to the conference centre for hours, demanding an end to development projects in their ancestral land, and protesters stormed through the venue clashing with UN security officials.
The COP31 hosting agreement keeps some of the safeguards previously hailed by civil society groups. The government and the UN secretariat commit to upholding “the fundamental human rights” of all participants in the agreement’s preamble.
Under the deal, Türkiye also needs to ensure that security personnel follow “the highest ethical and professional standards and are expected to behave with integrity and respect”.
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COP31 attendees told not to interfere in Türkiye’s “internal affairs”
As rising seas submerge growing swathes of land, countries that lose territory should still keep their national boundaries, sovereign rights and UN membership, according to a political declaration adopted at the UN General Assembly in New York on Thursday.
The declaration, which was championed by climate-vulnerable small island states, affirms “the presumption in favour of continued statehood” in the face of sea level rise fuelled by climate change, and urges countries to work together to assist communities affected by encroaching oceans.
Speaking at a high-level UN meeting to address the existential threats posed by sea level rise, Cabo Verde’s Prime Minister Francisco Carvalho, one of the initiative’s co-facilitators along with Australia, said the adoption of the text by consensus sends “a message of hope”.
“This declaration has a very special meaning. For us, sea level rise is neither a distant threat nor a theoretical concern,” he said, adding that rising seas put at risk key infrastructure, water resources and economic growth in small island states.
In the Pacific, sea levels have risen at twice the global rate, dramatically increasing coastal flooding events from two to 20 a year in the Republic of the Marshall Islands, and from zero to 102 events per year in American Samoa, according to the World Meteorological Organization (WMO).
Surangel Whipps Jr., president of the Pacific island of Palau, said the summit in New York represents a “moment of international solidarity”, and highlighted that small island states will remain permanent members of the UN.
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Declaration recognises statehood
An advisory opinion by the world’s top maritime court, the International Tribunal on the Law of the Sea (ITLOS), first upheld in 2024 that countries do not have to shrink their maritime borders even if they lose land territory due to sea level rise. This was reiterated by the International Court of Justice in last year’s landmark ruling on the climate obligations of states.
The new declaration endorsed by all governments at the UN General Assembly stresses that sea level rise “is not a distant scenario but a real and lived experience for many”, and notes that international law must be implemented in global responses to rising seas.
UN Secretary-General António Guterres said the “milestone must now be translated into action”, adding that the declaration should encourage an “ongoing dialogue” at the “highest possible level” leading to practical outcomes. Pacific islands have proposed an international treaty on sea level rise that would provide more legal certainty.
“Those on the frontlines must be front and centre on every decision. We cannot allow countries and cultures to vanish beneath the waves,” he said. “The SOS has gone out. The world must answer.”
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Goodwin Friday, prime minister of St. Vincent and the Grenadines, said measures to protect vulnerable states will require adequate finance. “Investing in resilience now is more cost-effective than paying the far greater price for loss and damage later,” he added.
Championed by Australia’s COP31 co-presidency, Pacific islands have sought to put adaptation to sea level rise and ocean conservation at the top of the political agenda by inviting world leaders to attend the pre-COP31 summit co-hosted by Fiji and Tuvalu in October.
Tuvalu will also host the second global fossil fuel phase-out summit in April 2027, after around 60 governments met this year in Santa Marta, Colombia, to discuss ending their dependence on coal, oil and gas.
“Our coastlines, our reefs and our communities are living with the consequences of fossil fuel dependence every day, and our people have earned the right to help shape the way forward,” Lynda Tabuya, Fiji’s climate minister, said in a statement announcing details of the conference.
Ocean monitoring gets a boost in New York
Amid record-breaking marine heat and seas rising at unprecedented speed, governments in New York announced new commitments to protect the world’s ocean, as efforts to bolster marine ecosystems and coastal communities rise up the political agenda.
On Wednesday, the EU and Canada announced more funding for a new Europe-led ocean monitoring system called OceanEye, launched in the aftermath of a failed attempt by the Trump administration to dismantle the largest existing network of deep-sea observatories.
During an event at UN headquarters in New York, EU President Ursula von der Leyen and Canadian Prime Minister Mark Carney announced around $163 million in new funding for the initiative, with the EU pledging €92 million ($105m) on top of existing seed funding and Canada pledging C$82 million (US$58m) over five years.
According to an EU statement, while OceanEye will collaborate with the Global Ocean Observing System, that network “remains vulnerable to financial shortfalls and geopolitical disruptions”. A group of 30 countries from Europe, Africa and the Americas joined an international initiative in support of OceanEye, including large coastal nations like Brazil, Namibia and Mexico.
Von der Leyen said OceanEye “can make us the leading ocean data provider in a matter of years”, including by launching new satellites and installing new observatories in the deep ocean. “From outer space to the deepest ocean, our funding helps us keep watch beneath the waves,” she added.
Carney said the initiative would help protect Canada’s Arctic region with real-time monitoring operating year-round. “We can’t protect what we can’t see,” he said, also highlighting that Canada had expanded conservation of its ocean territory from 1% a decade ago to 15% now.
In New York, a group of 19 countries said they are either developing or implementing plans to sustainably manage all of their ocean territory, with 12 new nations joining the initiative. In a joint communiqué, they called on more countries to sign up ahead of COP31.
Warnings of El Niño-fuelled extreme heat
Scientists and world leaders have raised the alarm over this year’s record-breaking marine temperatures, which have persisted above historical peaks for more than 100 days as the naturally occurring El Niño phenomenon intensifies in the Pacific.
Extreme ocean heat could become a threat to coastal ecosystems and communities, experts fear. Water temperatures 1.5C above normal levels have also rapidly fuelled a strong hurricane in the Pacific in recent days.
Despite scientific calls for additional ocean conservation efforts, a report launched this week in New York warned that efforts to protect ocean ecosystems are lagging behind, with only 10% of the global ocean covered by conservation areas and just 3.5% designated as “effectively protected”.
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Threatened by rising seas, small islands secure right to keep their statehood
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