What to Expect from COP31

As the world looks toward COP31, taking place from November 9–20, 2026 in Antalya, Türkiye, attention is shifting from setting climate ambitions to delivering them. After Dubai’s first Global Stocktake of the Paris Agreement (COP28), Baku’s climate finance negotiations (COP29) and Belém’s implementation agenda (COP30), COP31 is expected to put greater emphasis on turning abstract commitments into tangible outcomes through investment, cooperation and practical delivery.

The COP31 Presidency has positioned implementation at the center of its agenda, with a focus on translating national climate commitments into concrete projects and investment opportunities. Its priorities span electrification, resilient cities and buildings, zero waste and methane reduction, green industrialization and climate finance. Moreover, under a compromise over hosting rights, Australian officials will helm the negotiations.

For businesses, this means the conversation is increasingly moving from what needs to change to how that change can be financed, delivered and scaled. Here are some of the key themes expected to shape the COP31 agenda and their implications for corporates.

1. From Climate Ambition to Implementation

Following COP28–30, COP31 will place implementation at the center of the climate agenda, with the Presidency seeking to strengthen the link between national commitments, investment and action on the ground.

A central initiative is the Climate Implementation Bridge, which aims to connect national climate priorities with investment opportunities and financing partners and translate commitments such as Nationally Determined Contributions (NDCs) into investable project portfolios.

This implementation focus also increases the importance of credible data, measurement and reporting. As climate commitments move closer to investment and delivery, businesses and governments will face greater expectations to demonstrate progress through measurable outcomes.

Opportunities for corporates:

• Use COP31 as a checkpoint to test whether climate strategies are translating into concrete actions across procurement, capex allocation, energy efficiency and supply chain engagement.
• Prioritize projects with clear MRV (measurement, reporting, verification) to align with emerging implementation frameworks.

2. Climate Finance and the Next Phase of the Paris Agreement

Climate finance will remain a major issue at COP31. At COP29, countries agreed to a new goal of at least $300 billion per year in climate finance for developing countries by 2035, alongside efforts to scale finance from public and private sources to $1.3 trillion annually by 2035. The focus at COP31 is therefore expected to shift from agreeing on the scale of the ambition to how that finance can actually be mobilized, accessed and deployed.

Through the development of the Carbon Implementation Bridge, COP31 will support the development of bankable, standardized and replicable project pipelines. Common appraisal criteria and readiness standards will accelerate projects’ access to finance and reduce perceived risk.

COP31 is also expected to examine how public and private capital can work together to support mitigation, adaptation and a just transition, particularly in emerging and developing economies. This comes as development banks and other financial institutions face growing pressure to demonstrate how climate finance is translating into real-world investment and outcomes.

Opportunities for corporates:

• Companies with credible transition plans, robust emissions data and clearly defined investment needs will be better positioned to access emerging climate finance opportunities.
• Financial institutions and project developers should watch for mechanisms designed to mobilize private capital into climate‑related investment, including blended finance and adaptation pipelines.

3. Electrification and the Clean Energy Transition

COP31’s Action Agenda puts clean energy transition and electrification at the core of its priorities. The Presidency has proposed a “35 by 35” target to increase electricity’s share of total final energy consumption from just over 20% today to 35% by 2035. In September, the Presidency launched the 35-by-35 Global Electrification Pledge, calling on governments and other stakeholders to support its implementation.

Achieving greater electrification will require more than adding renewable generation. Grid infrastructure, storage, system flexibility and energy efficiency will all be critical to creating an energy system capable of supporting growing electricity demand.

Opportunities for corporates:

• Assess how greater electrification could affect energy procurement strategies, operations and long‑term infrastructure needs.
• Evaluate opportunities to improve energy efficiency, source low carbon electricity and use market‑based solutions (e.g. PPAs, unbundled EACs) to support your energy transition.

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4. Energy Efficiency and Climate-Resilient Cities

Buildings are one of the COP31 Presidency’s key priorities. Its Resilient Cities target aims to reduce energy consumption intensity in the building sector by at least 25% by 2035, alongside efforts to strengthen resilience to climate risks.

This connects energy efficiency directly to resilience. More efficient buildings can reduce energy demand, support electrification and help businesses manage exposure to energy costs and extreme weather.

A stronger focus on building renovation, efficiency standards and resilient infrastructure is therefore expected to feature prominently in the COP31 agenda.

Opportunities for corporates:

• Companies with large building portfolios or industrial sites should assess where energy efficiency investments can reduce consumption and lower emissions while strengthening resilience.
• In markets where they exist, Energy Efficiency Certificates (white certificates) can help finance eligible efficiency measures upfront and support investment.

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7. AI, Data Centers, Energy and Water

The rapid growth of artificial intelligence and data center infrastructure is creating new questions around energy demand, water use and access to clean power.

In September, the COP31 Presidency launched the proposed Antalya Pledge on Artificial Intelligence, which calls for greater attention to the energy and water use of AI infrastructure, additional clean power supply and the use of AI to support climate action.

For the energy market, the growth of data centers could add further pressure to electricity demand, grid capacity and renewable power procurement.

Opportunities for corporates:

• Data center operators and large AI users can use COP31 to benchmark energy and water performance, explore renewable PPAs and efficiency upgrades, and align with emerging disclosure expectations.
• Technology providers can position solutions that improve AI energy efficiency, cooling and water management as part of climate‑aligned infrastructure.

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5. Methane, Non-CO₂ Emissions and Sectoral Decarbonization

While CO₂ remains central to global climate action, COP31 is expected to continue the growing focus on methane and other non-CO₂ greenhouse gases.

Methane emissions from sectors including energy, agriculture and waste offer opportunities for near-term emissions reductions. The COP31 Presidency has also placed zero waste and methane reduction among its priority areas, including a goal to halve the growth in global waste generation by 2035.

At the same time, sector-specific approaches will be needed to address emissions from industries where decarbonization remains technically or economically challenging. Greater attention to measurement, reporting and verification could increase expectations for companies to identify and manage non-CO₂ emissions.

Increasing the use of circular materials in manufacturing and production secctors by 15% is also a key pillar pushed by COP31 for green industrialization.

Sector-specific transition pathways will continue to shape expectations for hard-to-abate industries such as steel, cement, shipping and aviation.

Opportunities for corporates:

• Map where methane and other non‑CO₂ emissions occur across operations and value chains and strengthen data to measure them.
• For hard‑to‑abate sectors, factor in access to lower‑carbon fuels, renewable energy and other market‑based solutions as part of transition planning..
• The evolving policy landscape could also create new requirements around embedded carbon, low-carbon product standards and procurement, while creating opportunities in areas such as circular business models.

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6. Carbon Markets

Following continued work on Article 6 of the Paris Agreement, carbon markets and international cooperation will remain important areas to watch at COP31.

Article 6 establishes a framework for countries to cooperate in meeting their climate targets, including through international transfers of mitigation outcomes and mechanisms for carbon crediting. Its implementation continues to shape the rules and infrastructure surrounding international carbon markets.

For market participants, integrity, transparency, authorization and the avoidance of double counting will remain important considerations as the framework develops.

Opportunities for corporates:

• Companies participating in carbon markets should monitor regulatory developments and prioritize transparency and credible claims.
• Advances in Article 6 and the broader carbon‑market architecture may affect how Companies can use credits, structure international mitigation outcomes and manage claims.

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Why COP31 Matters for Businesses

COP31 is expected to reinforce a shift that has been building across recent COPs: climate commitments are increasingly being translated into policies, investments and market mechanisms that affect how businesses operate.

For corporates, the implications will extend beyond sustainability teams. Changes in energy systems, climate finance, carbon markets and sector-specific regulation can influence procurement, capital allocation, operating costs and supply chain decisions. Energy security and climate goals need to be treated as complementary elements.

Electricity procurement and exposure

The push for greater electrification, while reducing emissions from energy use,  will increase the importance of understanding future electricity needs and how they can be met.

For businesses, this means looking beyond annual renewable energy targets to consider procurement timing, sourcing options, grid constraints and exposure to power market changes. PPAs, renewable energy certificates and other market-based solutions can all play a role depending on a company’s geography, energy profile and objectives.

Adapting carbon-intensive operations

As climate policies develop, companies may face changing costs and requirements associated with carbon-intensive activities. Carbon pricing, emissions standards, product requirements and sector-specific regulations can all affect the economics of different operations and supply chains.

Understanding where emissions are concentrated is therefore becoming increasingly important. Companies that have a clear view of their emissions exposure can better assess where renewable energy, environmental commodities and other market-based solutions may fit within their transition strategies.

Supply chains and customer expectations

Climate requirements are also increasingly moving through supply chains. Customers, investors and regulators may require more detailed emissions data, while procurement teams are facing greater pressure to understand the environmental impact of products and suppliers.

For companies with complex or global supply chains, improving supplier data collection can help identify emissions hotspots, prioritize engagement and determine where additional measures may be needed.

Conclusion

COP31 comes at an important point in the evolution of global climate action. After years of setting targets and negotiating frameworks, the focus is increasingly shifting toward action, investment and measurable progress.

For corporates, this means translating climate commitments into practical decisions across energy procurement, technology investment, supply chains and risk management. It also means keeping pace with developments in climate finance, carbon markets, electrification, non-CO₂ emissions and resilience.

As governments, businesses and financial institutions come together in Antalya, the key question will be how quickly existing commitments can be turned into action at the scale required.

Join our COP31 Key Takeaways webinar on November 24 to hear our experts unpack the key outcomes from Antalya and what they could mean for businesses, markets and corporate climate strategies.