Turkey is moving to make the implementation of climate pledges and financing a main focus of its presidency of the United Nations Climate Conference (COP 31), in an attempt to move negotiations from the stage of agreements and pledges to concrete projects and investments, amid global challenges in which energy security, debt, and extreme climate events overlap with the development needs of emerging economies.
The Turkish presidency will move through three main axes, which are, according to what was explained by the Turkish Minister of Environment, Urbanization and Climate Change and Chairman of COP31, Murat Kurum: “Dialogue, consensus and action,” stressing that the success of the Antalya Conference will not be measured only by decisions, but rather by the ability to transform them into executable projects and attract funding to them, leading to results that people can see in their daily lives.
During a press conference on Friday, Corum explained that climate change is no longer a separate environmental issue, but has become linked to energy, industry, cities, trade, water and development, in conjunction with the increasing impact of heat waves, extreme weather phenomena, and food and water security risks.
He added that societies want to see the impact of climate decisions on the ground, and that the world is required to move from “words to implementation,” noting that the Paris Agreement charted an important path for climate action, but the challenge in its second decade is the speed of implementing decisions and pledges.
Corum said that reaching lasting results requires listening to different parties, then finding common ground and turning consensus into workable steps. He added that Türkiye wants “COP 31” to be a turning point based on “transforming words into projects, projects into investments, and investments into results that affect people’s lives.”
He pointed out that Ankara has begun broad consultations with the United Nations system, governments, financial institutions, cities and the private sector, with the aim of identifying obstacles to implementation. The consultations contributed to formulating the “Action Agenda,” which focuses on areas including clean energy, electricity, cities, industry, youth, and food.
Corum placed climate finance at the forefront of the Turkish presidency's files, stressing that the challenge is no longer limited to announcing the amount of funds, but rather ensuring their timely arrival to the countries and projects that need them.
He cited the delay that accompanied the fulfillment of the previous pledge to provide $100 billion annually to developing countries, adding that experience has shown that confidence in the financing system is linked to the actual arrival of the announced funds to the projects.
COP29 in Baku had concluded an agreement to raise the financing target provided to developing countries to no less than $300 billion annually by 2035, while working to increase climate finance flows from public and private sources to $1.3 trillion annually.
Corum said that the world faces a paradox represented by the presence of capital searching for investment opportunities, in exchange for huge needs for climate investment, but the two sides “do not always meet.” He explained that many developing countries have potential and projects, but they need technical and technological support and project preparation to be able to attract financing.
According to Kurum, the Turkish presidency is working on mechanisms to transform climate needs into investable projects, especially in cities, water and infrastructure, and linking them to financial institutions and investors.
Kurum stressed that Turkey aims for strong private sector participation in Antalya, especially companies that possess climate technologies and solutions, but at the same time he stressed the need to put the needs of the least developed countries and small island developing states at the center of the discussions, especially with regard to access to finance.
He said that Türkiye will transfer its local experience to COP 31, pointing to the goal of reaching net zero emissions by 2053, and the policies of the circular economy, waste management, energy efficiency, and expansion of renewable energy.
He also cited the experience of rebuilding areas affected by earthquakes, saying that Türkiye completed and delivered about 455,000 housing units within two years, with a focus on disaster resistance and energy efficiency.
Corum revealed a trend to link the action agenda to measurable goals until 2035, including raising the share of electricity in global energy consumption to 35 percent, reducing resource consumption related to waste by 25 percent, and raising the use of secondary and recycled materials in industry to 15 percent.
The United States has begun to reap the benefits of its oil agreement with Venezuela, with the signing of new contracts that open billions of dollars to companies in investments and give Washington wider access to the largest oil reserves in the world, according to a report by the French newspaper Le Figaro.
During US Energy Secretary Chris Wright's visit to Caracas, the giant US oil and energy company Chevron obtained the right to exploit new fields, and intends to invest more than $7 billion to double the production of its local companies within five years to about 600,000 barrels per day.
The Venezuelan government signed agreements with the American company GE Vernova to repair a large part of the electricity network, while the Italian Eni obtained the role of the exclusive operator of the huge Junin 5 field in the Orinoco oil belt in eastern Venezuela, with planned investments amounting to $1.5 billion.
These contracts come after an agreement between Washington and Caracas, which US President Donald Trump said gives the United States a “controlling share” in the equivalent of 65 billion barrels of Venezuelan oil reserves, through partnerships with the private sector, or about a fifth of the country’s reserves.
According to the newspaper “Le Figaro”, the Pentagon will play a major role in the agreement by acquiring a 35 percent stake in the private energy company “North American Blue Energy Partners” (Nabep), which is active in the Venezuelan oil sector. Washington will be able to purchase 20 percent of the company’s production at cost, with this oil later being refined in American refineries designed to process heavy Venezuelan crude.
Acting Venezuelan President Delcy Rodriguez confirms that her country maintains sovereignty over its fields, pointing to investments worth $100 billion in 17 strategic fields, which are expected to generate more than $200 billion for the country within 25 years.
Caracas expects production to rise from about 1.25 million to 1.5 million barrels per day. As for Trump, he believes that the agreement will enhance American supplies and contribute to reducing gasoline prices, despite expert estimates that its actual impact on the market may take years.
