BBVA Research urges COP31 to turn climate targets into practical action

Implementation takes centre stage before COP31

BBVA Research has called for climate commitments to be translated into concrete, verifiable action ahead of COP31, scheduled for Antalya on 9–20 November 2026. Its analysis focuses on the gap between stated goals and the policies, investment and delivery arrangements needed to achieve them.

BBVA and Garanti BBVA are participating as Global Banking Partners. Their planned activities cover sustainable finance, energy transition, clean technology, industrial transformation, the circular economy, resilient cities and biodiversity. The banks’ pavilion is intended to provide a meeting place for international discussions and potential partnerships during the conference.

Targets need delivery mechanisms

Julián Cubero, Chief Economist for Climate Change at BBVA Research, said the conference should mark a transition from commitments to implementation. He emphasised concrete steps, sufficient financing, clearly identified actors responsible for delivery and mechanisms capable of measuring results.

The analysis says full implementation of current policies could lower expected warming to approximately 2.3–2.5 degrees Celsius, still above the Paris Agreement’s 1.5-degree objective. It therefore argues for both stronger climate goals and faster execution of existing commitments.

Financing remains a major part of the challenge

The announcement cites OECD figures showing that climate finance provided and mobilised by developed countries for developing economies rose from around USD 50 billion in 2013 to more than USD 130 billion in 2023 and 2024. It also recalls COP29’s goals for at least USD 300 billion annually in public finance for developing countries by 2035 and a wider effort to mobilise USD 1.3 trillion annually from public and private sources.

BBVA Research presents these figures as evidence that implementation requires a combination of public resources, private investment and financial-sector participation. Its central argument is that finance needs to be connected to identifiable projects and measurable progress, rather than remaining a separate discussion about headline commitments.

Garanti BBVA’s financing programme

Garanti BBVA says it combines financing, advisory work and sector expertise to support sustainable transformation in Türkiye. The bank reports reaching approximately TRY 1.6 trillion by the first half of 2026 under its TRY 3.5 trillion sustainable-finance target for 2018–2029.

During COP31, the BBVA and Garanti BBVA Pavilion is expected to host discussions on different aspects of climate transformation. The analysis’s main message is that cooperation, funding and accountability need to reinforce one another if climate commitments are to produce verifiable outcomes.