BELÉM, Brazil, Nov 17 (IPS) – The COP30 negotiations have reached the halfway point. So far, the conversations about historical similarities are moving forward, backward, or stagnant, depending on who you ask. The most pressing issues on the table are finance, adaptation, fossil fuel phase-out and climate justice.
Comprehensive and ambitious promises in this area do not translate smoothly into action. The first day of COP30 launched the Loss and Damage Response Fund [established at COP27 and operationalized at COP28] launched the call for funding applications for the start-up phase.
From December 15, 2025, developing countries will have six months to apply for funding for projects and programs of between $5 and $20 million. The whole kitty has $250 million, which is poor compared to what is needed. In terms of loss and damage, developing countries needed $395 billion by 2025 alone.
The financial issue is not in itself a sticking point at COP30, but has been identified as the common thread connecting all other thematic areas, as summarized in the ‘Baku to Belém Roadmap’. When COP29 in Baku failed to deliver an ambitious climate finance package, this roadmap was added at the last minute to build on the $300 billion per year in financing agreed in Baku.
But this roadmap is not a singular goal to be achieved; it’s about coming together to ‘scale up climate finance in the short and long term to ensure annual climate finance rises from $300 billion to at least $1.3 trillion per year by 2035. The roadmap is about increasing financing for all climate funds, whether for preventing, mitigating or adapting to climate change.
Discussions on climate finance focused on mobilizing new sources of financing, including innovative mechanisms such as the proposed Tropical Forests Forever Facility (TFFF). Brazil has defined oceans and forests as the two priority areas for discussion at the COP30.
TFFF is a Brazilian-led initiative that aims to mobilize nearly $125 billion for tropical forest conservation. It is a radically new solution to combat deforestation.
However, Brazil is ‘surprised’ that Britain does not want to join Germany, Norway and other countries in contributing to the TFFF funds, despite the fact that Britain helped design the tropical forest conservation initiative.
COP30 is committed to building a bridge between promises and achievements, between words and actions, and there are several bottlenecks in the development of this bridge. In other words, it is a ‘COP of implementation’.
Unlike the emotional issues of fossil fuel phase-out and finance that defined the recent COPs, COP30 appears to be the point where the rubber meets the road. With the agreements to transition away from fossil fuels, the Loss and Damage Fund and the call for financing for climate adaptation, the technical details of how these promises become actions ultimately form the sticking point.
When it comes to fossil fuels, those whose economies are not dependent on oil, gas or coal want an immediate transition. Those dependent on fossil fuels are asking for time to find a path that supports the transition as they look for alternatives to ease their economies. This is one of the most controversial issues in climate mitigation.
But still all is not lost; There seems to be a notable movement in this direction; in 2024 alone, more than $2.2 trillion was invested in renewable energy – more than the GDP of more than 180 countries.
In the midst of a fragile and fragmented geopolitics, the COP30 is multilateralism that is being put to the test. Leaders of China, the US, Russia and India are absent. Some say this is symbolic and could derail climate talks, but many observers say it is misleading to see this as a sign of waning political support for international climate initiatives.
Some observers of the natural resource-rich African continent say developing countries simply need to change their approach to climate action, especially in how they trade with the global North over their natural resources.
To be clear, what this COP defines is not necessarily finance, adaptation, fossil fuels or even climate justice; for many this is a COP implementation. The ongoing negotiations face challenges in translating ambitious promises into action.
Brazil has already launched the COP30 Circle of Finance Ministers – a key initiative under the COP30 Presidency to support the development of the Baku to Belém Roadmap. This circle will be a platform for regular consultation during 2025.
Another first in the history of COPs is that the Asset Owners Summit has been included in the official COP agenda. Asset owners representing around $10 trillion gathered in Belém during the first week of the COP to work with climate scientists, multilateral development banks and governments to meet climate financial needs.
A key discussion point is how to move from loans to other forms of financing, with a focus on increasing financing for adaptation and ensuring transparency. Climate finance loans remain an unsolved problem.
For developing countries, developed countries whose industrial revolution is responsible for changing the climate system have a moral obligation to climate finance under conditions that take into account that developing countries are the victims. Developed countries, on the other hand, see climate finance loans as a business opportunity: for every five dollars they receive in climate finance loans, they pay back seven dollars.
Activism has been a defining topic at COP30, as has the increased participation and visibility of indigenous peoples. It is a step in the right direction as 15 national governments, including Brazil, Colombia, the Democratic Republic of Congo, Ghana, Tanzania, the United Kingdom and Germany, and one subnational government have formally announced their support for the Intergovernmental Land Tenure Commitment, a landmark global agreement to secure and strengthen the land rights of indigenous peoples and local communities on 160 million hectares of tropical forest lands.
In terms of the conduct of the COP30, the coming days will be crucial as the UN climate summit nears its end.
IPS UN office report
This feature was published with the support of Open Society Foundations.
© Inter Press Service (20251117202530) — All rights reserved. Original source: Inter Press Service
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