COP31 may mark turning point for climate finance, just transition, expert says
Prof. Alp Erinc Yeldan of Kadir Has University stated that COP31 in Antalya could become a critical turning point for concrete decisions on climate finance, emissions reduction, and just transition. He noted that carbon markets have become financial instruments, and that climate justice requires absolute emission cuts, not just offset mechanisms.
The upcoming COP31 climate summit in Antalya could become a critical turning point for concrete decisions on climate finance and just transition, according to Prof. Alp Erinc Yeldan, a faculty member at Kadir Has University. Speaking to Anadolu, Yeldan said climate finance and financial sector transformation emerged as key issues during the Bonn Climate Change Conference in June, and are expected to dominate discussions at COP31 in November. He noted that while significant progress has been made in renewable energy, financial sector reforms have not advanced at the same pace.
Carbon markets and climate justice
Yeldan stressed that carbon pricing and emissions trading systems face challenges in practice, noting that while the EU Emissions Trading System has nearly 20 years of experience, emission reductions remain limited. “Carbon markets have gradually become not only a tool for emissions reduction but also a new area for financial investment and speculation,” he said. He pointed out that global greenhouse gas emissions rose from 40 billion tons in 2000 to nearly 55 billion tons in 2024, while industrial emissions under the EU ETS fell only 5%. “This shows that climate policies based solely on carbon pricing and financial tools are insufficient,” he added. He also emphasized that continuing to pollute while offsetting costs through financial mechanisms is not sufficient from a climate justice perspective—developed countries must also reduce their own emissions in absolute terms.
Türkiye’s position and COP31 expectations
Yeldan said Türkiye emphasized in Bonn that developed countries should assume greater responsibility in financing and technology transfer, while stressing fair burden-sharing. “Considering that today’s industrialized countries are responsible for 92% of cumulative global emissions since the 1850s, imposing absolute emission cuts on developing economies such as Türkiye does not align with the principles of just transition and fairness,” he said. He expects COP31 to be a summit where more concrete decisions are made on climate finance, emissions reduction, just transition, and the responsibilities of developed countries.
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