Thanks for the report. This can happen if the framerate is low - the climbing system times out before reaching the top of the ledge. We're working on a fix. In the meantime, have you tried running the game at something lower than 1080p, or switching to low quality in the pause menu?
Even with version 1.3 the issue remains. I still can't climb terrain. It just doesn't finish the climb and ends up making me fall back down.
Even when set to Low, which even if you have it set to Low at launch it for some reason kicks you back to High, the climbing system doesn't work. It times out with almost all of the climbable objects. Turning the tunnel into a great big wall you can't get through because the climbing system keeps kicking you back down.