The presidencies of COP29 and COP30 launched a plan to mobilize, by 2035, at least 1.3 billion dollars annually in climate finance for developing countries, while Brazil announced a 25 billion dollar fund aimed at preserving tropical forests
On the eve of the Climate Summit in Brazil, the presidencies of COP29 and COP30 announced an ambitious plan to mobilize 1.3 billion dollars annually in climate finance by 2035. The objective is to guarantee real means for developing countries to meet the goals of the Paris Agreement.
The document, presented in a joint statement, defines five priority areas by 2030: replenishment of subsidies and low-cost capital; debt sustainability; mobilization of private financing; restructuring capabilities for large-scale climate portfolios; and creating more equitable financial systems.
“We need to act – and the time is now. Climate commitments for 2030 and 2035 offer us a rare opportunity to turn promises into real, sustainable development – protecting the planet, creating jobs, strengthening communities and ensuring prosperity for all,” said Mukhtar Babayev, president of COP29.
The Brazilian ambassador André Corrêa do Lagowho will preside over COP30 in 2025, highlighted that this initiative marks “the beginning of an era of transparency in climate finance”.
“The resources exist. The science is clear. The moral imperative is undeniable. What remains is determination”, underlines the joint report.
Marina Silva: “There is no more time to waste”
The Minister of the Environment of Brazil, Marina Silvareinforced the call for immediate action, remembering that promises have been discussed for three decades without concrete results.
“It’s been debated for 30 years, but now there’s nothing to delay. COP30 [30.ª conferência das Nações Unidas sobre Alterações Climáticas] has the challenge of being a new benchmark for the climate agenda. From now on it’s implementation”he stated, during the Local Leaders Forum in Rio de Janeiro.
Marina Silva highlighted the urgency of fulfilling the financial commitments assumed by developed countries – namely those 300 billion dollars annually promised – so that developing nations can adapt and reduce emissions.
“We need the resources. The commitments made must be fulfilled so that we do not lose credibility” he warned.
Lula launches global fund to protect tropical forests
At the same time, the President Lula da Silva announced in Belém the creation of the Tropical Forest Financing Facility (TFFF)an unprecedented fund that aims to preserve the main forests on the planet.
The fund already brings together more than 5 billion dollars in promises. Brazil committed to 1 billiona value identical to that announced by Indonesia. THE Norway can contribute to 3 billionand so on France Prometheus 500 million euros by 2030. O Portugal participate with one million euros.
The fund’s model is innovative: the amounts invested will be invested in financial markets, and the profits will be used to pay to developing countries for each hectare of preserved forest.
“What was announced today already exceeds half of the target for the end of next year”, celebrated the Brazilian Finance Minister, Fernando Haddaddescribing the moment as “historic”.
Climate Summit in Belém
brings together delegations from 143 countries, around a third headed by their respective leaders. Among the confirmed presences are French President Emmanuel Macron, British Prime Minister Keir Starmer, President of the European Commission Ursula von der Leyen, and Portuguese Prime Minister Luís Montenegro.
The leaders of the three most polluting countries – China, United States and India – will be absent.
According to the United Nations Environment Program (UNEP), the planet is heading towards warming between 2,3 e 2,5 °C this century, above the 1.5°C target set in 2015.
