COP participants aim to mobilise US$1.3 trillion to combat climate change

The presidency of the Conference of the Parties to the UN Framework Convention on Climate Change (COP) intends to mobilise US$1.3 trillion annually to finance the fight against climate change in developing countries, reports Agência Brasil.

The plan was presented in Belem, Brazil, where the 30th UN Climate Change Conference (COP30) will take place from 10 to 21 November.

Mukhtar Babayev, President of COP29 held in Azerbaijan, and COP30 President Andre Correa do Lago emphasised that this goal is achievable, provided that new financial mechanisms are developed.

“It is time to act. The climate commitments for 2030 and 2035 give us a rare opportunity to turn promises into sustainable development, protection of the planet, job creation, community strengthening, and ensuring prosperity,” said Babayev.

The roadmap from Baku to Belem includes five priority areas:

• subsidies, concessional finance, and affordable capital;

• rebalancing fiscal space and debt sustainability;

• transformational redirection of private finance and reduction of capital costs;

• capacity restructuring and coordination of climate portfolios;

• restructuring systems and frameworks for equitable capital flows.

“To accelerate the implementation of the Paris Agreement, it is necessary to combine climate action with concrete economic and financial reforms. Through these five areas, we are implementing a plan for global cooperation and achieving effective results,” stated Correa do Lago.

The Paris Agreement is a treaty adopted by the COP parties in December 2015. It aims to combat climate change, including measures to reduce carbon dioxide levels in the atmosphere.

Photo: Sansert Sangsakawrat / iStock