The UN Cop 30 climate summit's circle of finance ministers will present five priorities to increase climate financing to developing countries during the World Bank and IMF 2025 Annual Meetings this week in Washington DC, the group's head and Brazilian finance minister Fernando Haddad said.
The group — a key Cop 30 presidency initiative to discuss multiple climate finance mechanisms and support specific negotiations — will present a report to the banks in the meeting, Haddad said during the opening of pre-Cop 30, being held on 13-14 October in the Brazilian capital of Brasilia. The five priorities are:
- To increase concessional financing flows and climate funds, ensuring predictability and adequate conditions, especially for adaptation and a just transition;
- To reform multilateral development banks, making them more agile, integrated, and able to catalyze private capital;
- To strengthen domestic financing capacities and country platforms, expanding institutional coordination and the attractiveness of sustainable investments;
- To promote financial innovation and mobilize the private sector, with instruments that reduce risks and multiply the impact of available resources;
- To improve regulatory frameworks for climate finance, ensuring integrity, interoperability, and transparency, which will "strengthen trust in the system".
The report will also include three initiatives that are part of Cop 30's action agenda, Haddad said. Those include: the Tropical Forests Forever Facility global forest funding initiative, the open coalition for carbon market integration — which focuses on the interoperability of regulated carbon markets — and the supertaxonomy, a mechanism designed to ensure comparability and integrity between national taxonomies, guiding sustainable investments.
After the banks' meetings, delegates will further discuss the report at another pre-Cop 30 meeting, to be held in in Sao Paulo, in southeastern Brazil, in the first week of November. It will then be delivered to Cop 30 president Andre Correa do Lago during the official climate summit, which will be held from 10-21 November in Belem city, in northern Brazil.
The aim of the report is to serve as "a contribution to the construction of the Baku to Belem roadmap for $1.3 trillion", Haddad said.
The Baku to Belem roadmap is a workstream decided on during Cop 29, in Baku, Azerbaijan, to work out ways to increase finance on to $1.3 trillion/yr. Delegates at Cop 29 managed to reach an agreement to allocate $300bn/yr in resources for climate action. But Cop 30 delegates are targeting at least $1.3 trillion/yr.
The report was devised during over 25 meetings held since April, Haddad said. Participants from 35 countries took part.
