The Baku to Belém Roadmap, which has just been published by the Azerbaijan and Brazil COP presidencies, “turns a promise made at COP29 into a plan”, Melanie Robinson, global director of climate, economics and finance at the World Resources Institute (WRI) has said.
The roadmap, which outlines five priority areas, ranging from rebalancing debt sustainability to rechannelling private finance, outlines a framework on how to mobilise $1.3 trillion annually in climate finance for developing countries by 2035.
It is expected to play a key role in guiding discussions at COP30, which kicks off in Belém next week, on moving from commitments to action.
“This is the beginning of an era of truth in climate finance,” commented André Corrêa do Lago, COP30 president.
As the WRI’s Robinson noted, the roadmap “charts a smart, holistic strategy to deliver $1.3 trillion a year in climate finance for developing countries, and start transforming the global economy, starting now”.
‘Rewiring the financial system’
The roadmap is guided by “pragmatism” and a focus on both scale and systems change, she added, noting that the climate community has to date been focused on “relatively modest” sums when it comes to climate financing.
“The Baku to Belém plan rightly shifts the lens to how a wider set of public finance and policy shifts can unlock much larger flows from private investors,” said Robinson.
“As Brazil and Azerbaijan rightly note, tackling the climate crisis means rewiring the financial system so that all actors pull in the same direction, from development banks and private capital providers to public policy makers and financial regulators. Thanks to input from the Circle of Finance Ministers, the roadmap is grounded in tackling the real-world challenges that finance ministers and other financial actors face.
“As the economic case grows ever clearer, this is exactly what’s needed to drive large-scale investment in clean energy, resilient agriculture and adaptation – creating jobs, strengthening economies and reducing risk.”
From commitment to implementation
The launch of the roadmap aligns with the overarching objectives of COP30, to move from climate commitments to measurable implementation.
“Success in Belém will depend on whether all sources of finance can work together to align behind country-led priorities, and whether scarce grants go where they are needed most,” Robinson added. “The roadmap shows how to reach $1.3 trillion – now the world must deliver.” Read more here and here. [Photo: Rafa Neddermeyer/COP30]
