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Mariana Paoli, from Brazil, is the Global Advocacy Lead at Christian Aid and Iskander Erzini Vernoit, from Morocco, is the Executive Director at the IMAL Initiative for Climate and Development.
Government negotiators in Bonn will discuss in the coming two weeks how to put into practice an idea that emerged from the corridors of the COP29 climate talks: “the Baku to Belém Roadmap to $1.3 Trillion”.
This exercise, that aims to propose approaches for scaling climate finance flows for developing countries to over a trillion dollars per year by 2035, is due to be presented at COP30 in Brazil this November. The origins of its mandate offer insights into its perils – as well as its promise.
Brazil seeks early deals on two stalled issues at Bonn climate talks
Initially, negotiators from the G77+China countries united behind Africa’s call for $1.3 trillion as the replacement for the $100-billion goal for annual mobilisation of climate finance by developed countries for developing nations, set 15 years ago. Faithful to this, some G77 countries originally called for a roadmap to indicate actions that developed countries might take to raise public finance resources for this provision and mobilisation for the Global South.
There were, however, those in the Global North who pushed for a broader, less well-defined $1.3 trillion target that would include other sources and types of finance. These forces ultimately won the day, resulting in a final decision on $1.3 trillion that calls for “all finance” from “all … sources”, establishing a “roadmap” process toward this.
Exceedingly disappointing for the Global South, this new formulation obfuscates the responsibility of wealthy historical emitters to pay their fair share of public finance to tackle a proble they have caused and risks shifting the burden to developing countries.
Loss and damage threat
In this context, the Roadmap to 1.3T has the potential to be a milestone in the global governance of climate finance. Yet it faces risks and opportunities, being essentially at the discretion of Azerbaijan and Brazil as the COP29 and COP 30 presidencies.
There is a very real risk that the Roadmap will fall short of sending a strong signal of what level of ambition is required, in terms of public finance from contributor countries. If that happens, the Roadmap could entrench injustice, increase debt burdens, and delay urgent action on climate change.
In terms of injustice, poorer countries, while largely not responsible for climate change, could face loss and damage of $450 billion-$900 billion per year before 2030, not including the costs of reducing emissions and adapting to global warming.
Loss and damage fund to hand out $250 million in initial phase
Within this, Africa’s nomadic pastoral communities are one real-life example of those whose livelihoods and way of life are being destroyed by the choices of others. The COP29 decision on the new climate finance goal disregarded their needs by not including a target for loss and damage funding, but the Roadmap need not.
Heavy debt burden
The Roadmap must not ignore that external debts are at record highs, with repayment costs now higher than capacities for repayment in two-thirds of developing countries, according to UNCTAD.
In 2023, African governments paid around 17% of their revenues on servicing debts, the highest levels in decades, equalling 15% of African export earnings. By comparison, after the Second World War, inspired by the work of Keynes and others, it was decided to cap Germany’s debt repayments at 3% of its exports earnings, to allow recovery.
In this context, Global South countries may lack the fiscal space to invest in essential climate action – or may prioritise other areas, such as healthcare or education.
COP30 President-designate Andrea Corrêa do Lago is correct in his assertion that there is too often a denial of the economic benefits of climate action – yet Global South countries are not always able to pursue economically beneficial investments. Markets are not always efficient, economic benefits do not always equal revenues for investors , and the cost of capital is higher in Global South countries, heightening the need for support, especially with upfront costs.
Framework to scale up finance
Of course, in addition to underscoring the necessity of rich countries increasing their provision of grant-equivalent public funds for poorer countries, for the reasons cited above, the Roadmap can point to opportunities to build the architecture for scaling finance.
Reforming the international financial architecture is important, but, to achieve this, wealthy countries must relinquish their current hegemony and drop their resistance to reform in the negotiations for a UN tax convention and in those around the potential UN sovereign debt workout mechanism that could be agreed at the upcoming Financing for Development (FFD) Conference in Seville.
Climate shocks and volatile currencies hike debt burden for poor countries
Further additions to the financial architecture could include country platforms, aimed at unlocking finance, particularly private investment – but these require resourcing to administer and will only reaffirm the need for catalytic public resources, whether for technical assistance, project preparation, or making finance more affordable.
Of course, current politics are not conducive to increasing international provision of grant-equivalent finance, with recent short-sighted decisions taking overseas aid even further away from the global target for countries to provide assistance equal to 0.7% of their gross national income, established over fifty years ago, despite public support.
Naturally, Global South countries should not hold their breath waiting for others to come to their senses, but should do what they can, including South-South cooperation.
Bold signal needed
And yet, if global temperature goals are not to slip out of reach, if climate action is to be enhanced and injustice and indebtedness curtailed, richer countries must step up on finance. Will the Roadmap affirm this? The COP presidencies have yet to give a firm indication, though have called for inputs from finance ministers and other key groupings through ongoing consultations.
To be successful, there must be a willingness to depart from the status quo — just as was demonstrated with the Paris Agreement and the UAE Consensus, which set ambitious goals to limit global temperature rise and accelerate energy transition, respectively. Even amid uncertainty, these agreements raised the standard for ambition instead of passively allowing low expectations to go unchallenged.
A comparable approach is now needed for international public finance – the Baku-to-Belem Roadmap must send a bold signal of what is required, lest a key opportunity be lost.
The post A COP30 roadmap to inaction or ambition on climate finance? appeared first on Climate Home News.
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Prepared by a coalition of nine Western Australian union, industry, conservation, and community organisations—including UnionsWA, the Conservation Council WA, and the Smart Energy Council—the WA Clean Energy, Jobs & Industry Plan provides a practical roadmap to transform Western Australia into a clean energy powerhouse while creating thousands of secure local jobs.
Western Australia stands at a pivotal crossroads: lead the global clean energy economy or watch investment, future industries, and secure jobs go elsewhere. The WA Clean Energy, Jobs & Industry Plan outlines a transformative blueprint to harness the state’s world-class solar and wind resources. Discover how legislated renewable targets, green iron manufacturing, and a dedicated regional training strategy can generate tens of thousands of local jobs, lower household bills, and build a resilient, net-zero future for all Western Australians.
WA needs a clear and forward-thinking plan if it is going to become a competitive renewable energy powerhouse and maintain its economic strength through the energy transition.
“Western Australians know a faster renewable energy transition will lower their household expenses and prevent harmful climate pollution. But the community also needs clear direction to ensure this transition will create jobs, lower costs and not cause undue environmental harm.
“Here, sectors representing a broad range of interests have laid the groundwork for those outcomes, clearly outlining what is needed to create a future for WA that is good for the environment, for the climate, for workers and for the economy.
Summary
The WA Clean Energy, Jobs & Industry Plan sets out a strategic roadmap to position Western Australia as a global clean energy superpower while creating thousands of secure local jobs.
The report establishes three overarching goals:
- Creating local employment.
- Maintaining industrial competitiveness.
- Lowering household energy costs
To realize this vision, the framework details actionable measures to follow on from the recent WA Government announcement of a 75% Renewable Energy Target by 2031 for the South West Interconnected System. This includes developing a statewide Renewable Energy Target, coordinating statewide workforce and training pipelines, strategically planning regional infrastructure to safeguard high-value biodiversity and cultural heritage, and ensuring equitable benefit-sharing through household electrification incentives and First Nations equity partnerships. Ultimately, the plan highlights that establishing clear policy and regulatory certainty will unlock lower energy bills, boost power reliability, and secure the state’s global competitiveness in emerging green commodity export markets.
Key Findings
- Statewide Renewable Energy Target and Emissions Reduction Targets: The report calls for a statewide RET and 1.5°C aligned emission reduction targets to remove policy risk, lower capital costs, and attract clean energy investment.
- Transformative Job Creation: Accelerating the transition offers massive employment prospects, including up to 8,800 solar and battery jobs by 2050, as well as 24,000 ongoing and 11,000 construction jobs in a commercial green iron industry.
- Industrial Electrification & Competitiveness: Requiring large gas users to adopt binding electrification timetables and providing concessional financing will protect existing energy-intensive manufacturers from rising energy costs and impending domestic gas shortfalls.
- Green Commodity Export Leadership: Western Australia can build new export markets in green iron, green ammonia, and offshore oil/gas decommissioning by constructing shared common-user infrastructure and setting dedicated Green Commodity Export Targets.
- Coordinated Workforce & Training Pipeline: To address critical skill shortages the plan recommends establishing a WA Clean Energy Jobs Plan 2050, three regional training hubs, and dedicated pathways for female and under-represented apprentices.
- Environmental Safeguards & Community Benefits: Fast-tracked development must be paired with State Planning Policies that avoid high-biodiversity and cultural heritage lands, mandate new data centres to run on additional renewable power, and deliver household electrification rebates and First Nations equity partnerships.
What you can do
WA has an opportunity to lead on sustainable, clean energy and associated industries. You can help by:
- Sending an email to Environment Minister Murray Watt and Prime Minister Anthony Albanese, calling on them to reject Browse.
- Sharing this story to help more Australians understand what’s at stake.
- Encouraging your friends and family to take action.
Countries have completed the first “global review” of their progress towards reversing nature loss by 2030 at the COP17 biodiversity talks in Yerevan, Armenia.
The review “notes with deep concern” that, unless action is “rapidly accelerated”, the goal to reverse nature loss and meet a set of 23 targets by 2030 “will not be achieved”.
It “urges” countries to accelerate action, including by “increased ambition in addressing the gaps”.
Much of the discussions in Yerevan focused on how to raise the necessary funds to help developing countries protect nature.
Some major economies pushed to expand the range of nations that are expected to provide finance, with countries agreeing at the end of the two weeks of talks that non-donors that want to contribute can “signal interest” before COP18.
This came after developed countries failed to meet a target to significantly ramp up nature finance over the last few years.
It also came as a landmark fund agreed at COP16 in Colombia to pay communities for the genetic resources derived from nature stands nearly empty two years on.
The Yerevan talks marked the halfway point of the “Kunming-Montreal Global Biodiversity Framework” (GBF), the “Paris Agreement for nature” first made in 2022 and due to be achieved by 2030.
During the nearly 12-hour-long final plenary, countries voted for Quito, Ecuador, to host the COP18 nature talks, which will be held in 2028.
Countries managed to sign off on all the major negotiation texts, marking a stark contrast to COP16, which ran so far over time that the Colombian presidency lost “quorum”, forcing talks to resume in Rome months later.
Below, Carbon Brief has detailed analysis of all of the key outcomes from COP17.
Formal negotiations
Finance
Finance, predictably, was at the heart of the discord and deadlock at the Yerevan talks.
At COP17, discussions on finance had to achieve several outcomes.
The first part – to take stock of biodiversity finance mobilised so far to meet the nature deal’s goals – fell under the global review.
As the global report noted, developed countries failed to meet their commitments to raise “at least $20bn a year by 2025” for nature. Delegates pointed to falling aid levels and a sharp 27% decline in environmental funding for the 2026-30 period.
The second part was to agree on how to mobilise resources for the next four years, to meet the GBF’s goals and targets.
Calls to “broaden the contributor base” of who pays to protect nature – and whether that should include emerging economies – became the most fraught element of the talks.
Eventually, countries agreed on what Switzerland described as a “super, mega-delicate” text. It hinged on major “political compromises”, with “no major winner or loser”, according to Kenya.
Per the decision, countries that want to be included on a list of developed country donors can “signal interest” through bilateral, confidential consultations before COP18 and every alternate COP after.
Finally, countries also agreed on criteria to shape and resource a new, permanent financial mechanism to protect nature after 2030.
However, this did not immediately take the form of a new fund under the COP that biodiverse countries have demanded since 2022, deferring the mechanism’s institutional structure to COP18.
Resource mobilisation discussions at the GBF’s halfway mark were supposed to agree on how to close the “biodiversity finance gap” and to “increase resources from all sources” to “at least” $200bn per year by 2030, as set out in target 19 of the GBF.
The talks were largely dominated by a push, led by the JUSCANZ bloc of developed countries, to “broaden the contributor base”. This could see emerging economies, such as Qatar, China, Saudi Arabia and India, being added to the list of countries that pay to protect nature.
Article 20 of the UN Convention on Biological Diversity (CBD) states that developed countries “shall provide new and additional financial resources” to developing countries to meet the costs of implementing measures to protect nature.