The upcoming UN Cop 30 climate summit will likely undershoot the goal pushing international finance to developing countries to combat climate change to $1.3 trillion/yr, Cop 30 president Andre Correa do Lago said in a televised interview.
"No, we are not going to see $1.3 trillion in Belem, unfortunately," he said.
One of the main topics of Cop 30 — which will be held in Belem, the capital of Brazil's northeastern Para state — is the Baku-to-Belem roadmap, a workstream agreed to during Cop 29, in Baku, Azerbaijan, to work out ways to increase financing to developing countries to combat climate change to $1.3 trillion/yr, up from the $300bn/yr agreed in Cop 29.
Climate financing is a complex issue that stems from at least 1992 that involves several sectors and participants, do Lago said.
"I think this is what has created a great frustration," he added. "Developing countries pay a lot for capital and receive much less aid than expected, and this has been dragging on for years."
He and other delegates will try to use Cop 30 to show that investing in developing countries can be a "great business", he added.
But there are some pathways to reach the coveted $1.3 trillion/yr goal eventually, he said. Although most economic analysts agree that it is very unlikely that countries will increase donations — "because the economic situation of rich countries is complicated," he said — multilateral banks can increase their lending capacity two or threefold by 2035, he said.
Additionally, the private sector will be "absolutely crucial", because it can increase its investments into developing countries by 25 times by 2035, do Lago added.
