The United Nations on Thursday launched a new disaster risk financing platform at COP31 in Antalya, Turkey, aiming to mobilise more than $3 billion by 2030. The initiative seeks to protect 75 million people and their livelihoods from climate-related disasters.

The UN Disaster Risk Financing Platform brings together six UN agencies to address the shortage of advance funding for humanitarian emergencies. Currently, less than 2% of global humanitarian financing is arranged in advance. This leaves agencies dependent on funds raised after disasters strike.

The platform aims to make disaster financing more predictable. It will help governments and humanitarian agencies prepare for floods, droughts, storms and other extreme weather events before they cause widespread damage.

The initiative combines the expertise and data of the Food and Agriculture Organisation (FAO), International Organisation for Migration (IOM), UN Office for the Coordination of Humanitarian Affairs (OCHA), UNICEF, UN Refugee Agency (UNHCR) and World Food Programme (WFP). It will also work with insurance companies and financial markets to expand access to pre-arranged funding and lower intervention costs.

The platform has already recorded initial progress. OCHA and UNICEF have introduced insurance policies to support their anticipatory action programmes, with specialist insurance teams at WFP assisting. IOM will contribute its expertise in displacement risk analysis to identify communities that can receive protection before disasters force them to leave their homes.

"Disasters are increasingly predictable, yet the financing needed to act ahead of them remains slow and fragmented," director of financing and outreach at OCHA, Lisa Doughten, said.

She stressed that large-scale pre-arranged funding before crises escalate is essential to protect vulnerable communities and limit humanitarian impacts.

The summit also witnessed renewed calls for faster emissions reductions, particularly methane, which contributes significantly to near-term global warming.

Speaking at the Leaders-Level Non-CO₂ Greenhouse Gases Summit on Thursday, UN climate chief Simon Stiell described methane reduction as one of the quickest and cheapest ways to control rising temperatures.

"In a world of suffocating disasters, action on methane offers breathing space," he said. "It is one of the fastest, cheapest and most effective ways to check global heating in the near-term. While boosting economies, harvests, and health."

Stiell highlighted the economic losses caused by methane emissions and natural gas flaring during oil and gas production. Around 167 billion cubic metres of gas are flared every year, resulting in an estimated $54 billion in lost energy value. He also pointed to a funding gap, saying only 0.5% of climate finance allocated for emissions reductions went towards super-pollutants in 2023.

More than 90% of countries, accounting for around three-quarters of global methane emissions, have included reduction measures in their latest national climate plans (NDCs). "The task now is to turn those plans into action," Stiell said, urging governments to strengthen policies, prioritise methane cuts and mobilise public and private funding.

Climate activist Greta Thunberg also returned to the COP talks after five years. She criticised governments and institutions for their inadequate response to the climate crisis.

"The planet is not dying. It is being killed," she said, warning of "more genocides and more ecocides" and a future where necessities could become luxuries. "No one is coming to our rescue," she added, urging people, particularly those with greater privilege, to defend human rights.