COP31’s Climate Implementation Bridge: How to Turn Climate Goals into Bankable Projects

Turning countries’ climate commitments into investable projects is one of the major challenges of climate finance. To address this challenge, the COP31 Presidency, together with the United Nations Development Programme (UNDP), has launched Climate Implementation Bridge (BRIDGE), an initiative aimed at translating climate goals into concrete investment opportunities. How does this mechanism work, and what barriers does it seek to overcome?

The real challenge is to turn existing plans into tangible results for communities and economies. In the words of Murat Kurum, COP31 President-Designate and Türkiye’s Minister of Environment, Urbanization and Climate Change, “BRIDGE is not a new fund, a new financing mechanism or a new structure intended as an alternative to existing institutions.”

As Andrea Briones, Climate Research Assistant at the Elcano Royal Institute, explains, Türkiye will lead the COP31 Action Agenda, focusing on mobilizing initiatives, partnerships and investment to accelerate the implementation of climate commitments. “One of its initiatives is the Climate Implementation Bridge, which aims to help developing countries turn their climate commitments into project pipelines capable of attracting finance,” she says. As Kurum added, the aim of the Climate Implementation Bridge is “to link national climate priorities with the financial, investment and economic systems needed to turn them into action.”

Through this approach, the platform aims to connect countries’ climate plans with the capital flows needed to put them into practice. At a summit where finance plays a central strategic role, the Climate Implementation Bridge strengthens links across the international financing ecosystem, helping countries access potential sources of finance and turn climate commitments into bankable projects.

How does the Climate Implementation Bridge help unlock finance?

The Climate Implementation Bridge model is designed to be led by the participating governments themselves, with a country-driven structure.  Its role is to facilitate coordination between governments, technical assistance bodies and financial institutions to turn national climate priorities into projects eligible for financing. Its governance is organized through a hybrid structure, as explained at the United Nations session devoted to this new initiative.

The Elcano Royal Institute researcher identifies three main areas of action:

• Strengthening national institutional frameworks and capacity to implement climate commitments.
• Translating climate priorities into actionable programs and grouping projects into investment portfolios.
• Connecting these portfolios with sources of finance and mobilizing capital.

Which countries are taking part in the Climate Implementation Bridge?

The initiative’s initial phase has begun with five pilot countries: Ethiopia, Fiji, Indonesia, Pakistan and Uzbekistan. They were selected on the basis of criteria such as geographic balance, the clarity of their stated needs and their institutional readiness to develop projects.

The COP31 Presidency has stressed that these countries will not simply be recipients of assistance. As highlighted by Murat Kurum, “their experiences, needs and feedback will also directly shape how the Climate Implementation Bridge develops.”

The plan is to launch an open call at a later stage, using published criteria to select a second group of countries. “This first learning phase,” says Briones, “will make it possible to fine-tune the model and gradually extend it to other developing countries. Future beneficiaries will include Small Island Developing States. There is no formal process for joining: participation depends on demand from individual governments and their implementation needs.”

What obstacles stand in the way of financing climate projects?

One of the main obstacles is a lack of coordination between different parts of government. Climate targets are usually set by environment ministries, while economic development strategies fall under other departments. In addition, finance ministries are often brought into the process too late.

Compounding this lack of coordination is a shortage of well-structured projects that are viable and attractive to private investors.

The Elcano Royal Institute researcher illustrates the scale of the problem with data from an analysis of developing countries’ commitments. “Of the new climate commitments from developing countries analyzed, 80% set ambitious targets, but only 36% include specific implementation measures, such as investment plans, financing strategies or sectoral plans.” The expert stresses that “many of these are commitments conditional on international support (for example, financial support or technology transfer). There is a significant gap between climate goals and what it takes to implement them.”

Briones also points to other obstacles:

• National priorities do not always translate into clear investment opportunities.
• There is a lack of institutional capacity and coordination.
• Some projects struggle to meet the requirements of banks and investors.
• Preparation costs are high, and data and transparency are lacking.
• There are regulatory barriers, long lead times and other associated risks.
• These barriers are particularly acute for adaptation and resilience projects.

How does the Climate Implementation Bridge help finance the projects set out in NDCs?

Nationally determined contributions (NDCs) are the starting point for the Climate Implementation Bridge. Rather than creating parallel priorities, the initiative builds on the climate commitments countries have already made under the UN framework and helps each country identify the investment needed to meet them.

Andrea Briones explains the relationship between NDCs and the Climate Implementation Bridge: “The Climate Implementation Bridge aims to make more effective use of available climate finance and support international efforts to scale up resources for developing countries.” In her view, “This is particularly relevant given that, despite exceeding $2 trillion in 2024, global climate finance flows remain well below estimated needs, while access and distribution remain uneven. In addition to mobilizing more capital, it will be essential to improve how resources are prioritized, coordinated and allocated.”

What role do banks and investors play in the Climate Implementation Bridge?

The Climate Implementation Bridge aims to involve banks, investors and other financial institutions from the earliest stages of projects, so they can contribute to their design. This collaboration may include multilateral banks, national banks and development institutions, international climate funds and private capital providers.

In the view of the Elcano Royal Institute researcher, the involvement of these players “makes it possible to take financing requirements into account from the outset, structure projects, assess their financial viability and determine which instruments and sources of capital are best suited to each case.” Moreover, once the project pipeline is ready, “these players can consider financing it through their own procedures.” The Climate Implementation Bridge does not provide financing or guarantee that projects will receive it. Its role is to help present countries’ climate priorities to financiers in a form that allows their viability to be assessed more effectively.

Ultimately, the Climate Implementation Bridge aims to close the gap between two areas that do not always move in step: climate commitments and the financial resources needed to deliver them. Its success will depend on its ability to turn environmental goals into concrete, coordinated projects capable of attracting investment.

Frequently asked questions about the Climate Implementation Bridge

Is the Climate Implementation Bridge a fund?

No. The Climate Implementation Bridge does not provide financing or replace existing funds. Its role is to connect countries’ climate priorities with technical assistance mechanisms and potential financiers.

Which countries are initially taking part in the Climate Implementation Bridge?

The pilot phase includes Ethiopia, Fiji, Indonesia, Pakistan and Uzbekistan. Their experience will help fine-tune the model before any wider rollout.

How is the Climate Implementation Bridge related to NDCs?

Nationally determined contributions (NDCs) set out countries’ climate commitments. The Climate Implementation Bridge builds on these priorities to help turn them into investment programs and projects.

Does the Climate Implementation Bridge guarantee financing for climate projects?

No. The Climate Implementation Bridge seeks to improve project preparation and facilitate contact with potential financiers. Each institution decides whether to provide financing according to its own criteria.

What role do banks play in the Climate Implementation Bridge?

Banks and other financial institutions can take part from the earliest stages to assess projects’ viability, their financing needs and the appropriate financial instruments.