Adds comments from Cop 30 high-level champion Dan Ioschpe.
The upcoming UN Cop 30 climate summit will likely undershoot the goal of attracting $1.3 trillion/yr in international finance to help developing countries combat climate change, 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 the Cop 30 event in the Parana state capital Belem in November is the Baku-to-Belem roadmap, an initiative launched during Cop 29 in Baku, Azerbaijan, to increase climate project financing for developing countries from the $300bn/yr agreed to at that event.
Climate financing has been a complicated issue for decades, do Lago said, involving may different sectors of business and society.
"Developing countries pay a lot for capital and receive much less aid than expected, and this has been dragging on for years," do Lago said. "I think this is what has created a great frustration."
Do Lago said he and other delegates will try to use Cop 30 to show that investing in developing countries can be a "great business".
But there are some pathways to reach the coveted $1.3 trillion/yr goal, he said. Although most economic analysts agree that it is very unlikely that countries will increase donations this year — "because the economic situation of rich countries is complicated" — multilateral banks can increase their lending capacity by two- to 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, he said.
"Private investment will certainly grow a lot", said entrepreneur Dan Ioschpe, the Cop 30 high-level champion who serves as a bridge between the summit's presidency and the private sector. "It is already growing in sectors such as renewable energy and the restoration of degraded areas, just to name two examples."
But the world is off track from meeting renewable energy and efficiency goals agreed to at Cop 28, a report from renewable energy groups and the Cop 30 presidency said.
