Baku to Belém $1.3 Trillion Roadmap
Ahead of the Leaders’ Summit and the annual UN climate talks (COP30) in Belém, Azerbaijan and Brazil have released the anticipated Baku to Belém $1.3 trillion Roadmap.
- The COP29 (Azerbaijan) and COP30 (Brazil) presidencies were tasked with creating a plan to mobilize at least $1.3 trillion annually by 2035.
- The roadmap aims to strengthen existing sources and mechanisms of climate finance rather than proposing new ones.
The report emphasizes enhancing supply, making demand more strategic, and accelerating access and transparency for climate finance.
Integrated Approach
- The plan outlines an integrated approach to boost finance for climate action and transition.
- It identifies five key action fronts known as Replenishing, Rebalancing, Rechanneling, Revamping, and Reshaping (5Rs).
These actions aim to convert scientific warnings into a global blueprint for cooperation and tangible outcomes.
Criticism and Perspectives
- Harjeet Singh, a climate activist, argues that the roadmap identifies issues in the financial system but offers limited solutions.
Concrete Steps and Actions
- The document lists concrete steps under each action front, addressing the diverse needs of countries.
- It includes short-term measures for the next two to three years and longer-term actions.
India’s Concerns
- India's concern over expanding public funding remains unresolved.
- The roadmap echoes India's position that $300 billion should be a minimum target.
- It highlights the importance of affordable public finance and risk-sharing tools to lower capital costs and scale up investments.
The Baku to Belém Roadmap is a joint document by the COP29 and COP30 presidencies, developed through consultations with countries, experts, think tanks, and financial institutions.
