UN official urges faster green investment ahead of COP31

The world must accelerate efforts to turn available capital and technology into green investments, UN Development Programme (UNDP) Deputy Assistant Administrator Nick Rene Hartmann said Friday, welcoming Türkiye's focus on implementation at the upcoming COP31 climate conference.

Speaking at the Investment Summit Towards COP31 in Istanbul, Hartmann said the challenge was connecting financial resources with viable climate and development projects.

"We do not lack the capital," he said. "Time is not our friend."

Hartmann estimated the value of the global financial system at $305 trillion. He compared that with an annual financing gap of $4.3 trillion for achieving the Sustainable Development Goals in developing countries, roughly 1.4% of the total.

Clean energy projects in developing countries can face financing costs up to seven times those in advanced economies, he said.

Since 2010, solar energy costs have fallen by 90% and battery storage costs by 93%, he added, stressing the need for effective regulation, reliable infrastructure and risk sharing.

Turning commitments into projects

Hartmann welcomed Türkiye's ambition to make COP31 an "implementation COP," saying investment must advance at speed and scale.

The Climate Bridge initiative, to be presented at COP31, aims to turn climate commitments into investment opportunities, with initial demonstration projects envisaged in Ethiopia, Fiji, Indonesia, Pakistan and Uzbekistan, he said.

The approach would combine concessional finance, grants, guarantees, risk-sharing instruments and private capital.

UNDP has identified 700 sustainable development investment opportunities across 50 countries, Hartmann said.

Since 2022, it has supported initiatives helping align more than $920 billion in public and private financing with the Sustainable Development Goals, he added.

Supporting Turkish suppliers

In Türkiye, UNDP and the Industry and Technology Ministry have developed a resource efficiency program backed by €4.5 million ($5.04 million) in EU support, Hartmann said.

The program aims to prepare investment-ready projects and strengthen Turkish suppliers' competitiveness as low-carbon partners for international investors and European buyers.

Hartmann urged investors to look beyond projects already close to securing financing, invest in skills and local suppliers and incorporate sustainability from the outset.

"Sustainability should therefore not be treated simply as a compliance cost," he said. "It is an increasing source of economic value and an investment worth making."