COP30 President: Baku-Belém roadmap key to mobilizing $1.3 trillion for climate action

The journey from Baku to Belém isn’t just a geographical one — it’s a financial and environmental commitment aimed at accelerating climate finance and building a low-carbon future for developing nations.

COP30 President and Brazil’s Deputy Foreign Minister for Climate, Energy, and Environment, André Corrêa do Lago, underscored the significance of this initiative, Caliber.Az reports via local media.

Speaking on the roadmap’s impact, he highlighted Brazil and Azerbaijan’s shared vision in driving climate finance solutions forward.

“Using COP28 as a starting point, and then led by Azerbaijan at COP29, we finally finalized in 2024 the Rulebook under the Paris Climate Agreement. We also adopted the ‘Baku Pact for Climate Unity,’ which includes a cornerstone decision on a new collective quantified climate finance target (NCQG). The future COP30 Presidency looks forward to working with the COP29 Presidency to implement the ‘Baku to Belém Roadmap to $1.3 trillion’ to increase climate finance for developing countries,” Corrêa do Lago stated in his letter.

The Brazilian diplomat emphasized that COP30 will focus not only on reducing emissions but also on ensuring that adaptation measures receive equal attention.

“The goal is to ensure that developing countries' financing for climate change measures is increased, leveraging funds from public and private sources to at least $1.3 trillion per year by 2035,” he stressed, calling on all nations to collaborate.

To turn these ambitions into reality, Corrêa do Lago urged multilateral development banks and international financial institutions to play an active role in funding climate action.

Held in Baku from November 11 to 22, 2024, COP29 marked a turning point in global climate finance. The Azerbaijani presidency of the conference introduced the Baku Finance Goal (BFG) — a bold initiative aimed at mobilizing $1.3 trillion annually to support climate projects in developing nations.

The conference, attended by around 70,000 global participants—including world leaders, climate experts, and private sector representatives — set the stage for this unprecedented financial commitment. The Baku Pact for Climate Unity, a key outcome of COP29, laid the groundwork for a transformative shift in how climate finance is structured.

The plan significantly raises the bar from previous climate funding goals. Developed nations pledged to triple their climate finance contributions, committing at least $300 billion annually to support sustainable initiatives in developing countries. This landmark decision aims to drive global investment into climate action at an unprecedented scale.

As the world now turns its attention to COP30 in Brazil, the Baku-Belém Roadmap stands as a testament to international cooperation in addressing climate change. The challenge ahead will be turning pledges into tangible action - ensuring that the financial commitments made today translate into a more sustainable tomorrow.

By Tamilla Hasanova