Participants in the UN Cop 30 summit in November will come with high expectations for practical solutions rather than negotiations and discussion on theoretical plans, panelists said during a climate conference in Sao Paulo, Brazil, on Thursday.
Cop 30, to be held in northern Brazil, must bring practical solutions related to mobilization of capital from private and public resources and bring to action capacity building plans, Cop 27 presidency's representative Mahmoud Mohieldin said at the International Emissions Trading Association (Ieta)'s climate summit. All theoretical issues are resolved and clearly stated on the Paris agreement's Article 6, he said, which will drive climate actions in future summits, rather than formulating more paperwork and climate theories.
"Negotiations are over," Cop 30 presidency representative Shigueo Watanabe Jr said. "This is a call for action."
Private initiatives are seeking nature-based solutions to ensure liquidity in the carbon markets, long-term safeguards to draw investors into sustainable projects and a clear legal infrastructure enabling trustworthiness, US commodities broker StoneX's vice president of carbon markets Nathalie Flores said.
The aviation and marine transport sectors are providing good examples of long-term frameworks for global-scale decarbonization efforts, said Paula Kovarsky, the co-chair of Sustainable Business Cop 30 — a global initiative designed to support private sector contributions to Cop negotiations. Legal uncertainty amid emerging development market risks still hamper private funding for climate action plans, such as energy transition and decarbonization, Kovarskysaid.
Panelists also pointed out that having too many coalitions may appear to be a hurdle for formulating a uniform solution that pleases all parties. Thus, trade cooperation between the EU and developing countries must occur to enable a just transition, to include such mechanisms as the carbon border adjustment mechanism (CBAM), Mohieldin said.
Another topic relevant to Cop 30 will be the participation of indigenous peoples in climate discussions, which still exclude indigenous science on biodiversity and decarbonization plans, according to the Organization of Indigenous Peoples of the Colombian Amazon's lead advocacy strategist Mateo Estrada.
