Trkiye:Developing countries need concrete funding mechanisms to deliver a $300 billion annual climate finance commitment rather than further pledges, a senior Cook Islands climate official told Anadolu on Tuesday on the sidelines of the COP31 UN climate summit in Trkiye.

According to Anadolu Agency – English, Wayne King, director of climate change for the Cook Islands, emphasized the importance of implementing existing financial commitments and increasing adaptation funding for vulnerable developing nations. He highlighted the need for an agreement to move forward under the "new collective quantified goal."

King recalled that developed countries had previously committed to mobilizing $100 billion annually to support developing nations in implementing the Paris Agreement, a target he stated had only recently been achieved. Under a subsequent agreement, countries committed to mobilizing at least $300 billion annually for developing nations by 2035.

King stressed the necessity of having a clear roadmap and mechanisms to enable climate funds to deliver financing, particularly emphasizing the importance of ensuring the Adaptation Fund can deliver a threefold increase in financing. He noted that the optimism surrounding the Paris Agreement's adoption in 2015 had not fully resulted in sustainable development that adequately addresses climate change and biodiversity.

He also pointed out the administrative and technical challenges faced by developing countries in seeking international climate financing, explaining that the Cook Islands spent two years learning procedures to prepare successful project applications. King noted that many countries rely on international consultants or organizations, whereas the Cook Islands chose to develop its own capabilities, a process that took time.

King concluded by stressing that available climate financing remains far below demand, citing an example where a funding mechanism received around 120 applications despite having only approximately $150 million available, with individual applications seeking around $20 million, bringing total demand to roughly $2 billion.