The Brazilian COP30 presidency has published a “Baku to Belém roadmap” on how climate finance could be scaled up to “at least $1.3tn” a year by 2035.
The idea for the roadmap was a late addition to the outcome of COP29 last year, following disappointment over the formal $300bn-per-year climate-finance goal agreed in Baku.
The new document, published ahead of the UN climate talks in Belém, Brazil, says it is not designed to create new financing schemes or mechanisms.
Instead, the roadmap says it provides a “coherent reference framework on existing initiatives, concepts and leverage points to facilitate all actors coming together to scale up climate finance in the short to medium term”.
It details suggested actions across grants, concessional finance, private finance, climate portfolios, capital flows and more, designed to drive up climate finance over the next decade.
Despite geopolitical uncertainty, there is hope that this roadmap can lay out a pathway to the “trillions” in climate finance that developing countries say they need to meet their climate targets.
Countries have divergent views on how to get there, but some notable trends have emerged from the roadmap, which was spearheaded by the Azerbaijani and Brazilian COP presidencies.
Below, Carbon Brief details what the Baku to Belém roadmap is, why it was launched and what the key points within it are.
- Why was the ‘Baku to Belém roadmap’ launched?
- What is the goal of the roadmap?
- What are different countries’ views on climate finance?
- What are the solutions that the roadmap has identified?
- What happens next?
Why was the ‘Baku to Belém roadmap’ launched?
A mounting body of evidence shows that developing countries will need trillions of dollars in the coming years if they are to achieve their climate goals.
While much of this finance will likely be sourced domestically within those countries, a large slice is expected to come from international actors.
This climate finance is part of the “grand bargain” at the heart of the Paris Agreement, whereby developing countries agree to set more ambitious climate plans if they receive financial support from developed countries.
Ahead of COP29, developing countries hoped that the post-2025 climate finance target – known as the new collective quantified goal (NCQG) – would reflect their full “needs and priorities”, as set out in the Paris Agreement.
They also pushed for developed-country parties such as the EU, the US and Japan to contribute a large portion of this finance, preferably on favourable terms such as grants.
They were left largely disappointed, with a final target that fell well short of what many developing countries had been proposing.
The central target agreed at COP29 was “at least” $300bn a year by 2035, with an expectation that developed countries would “take the lead” in providing these funds from “a wide variety of sources”, including private finance.
This goal – which was effectively the successor to the previous $100bn-per-year target – was far short of what developing countries had wanted. However, another key part of the text agreed in Baku alludes to their ambitions, with a loose request that “all actors” scale up finance to at least $1.3tn per year by 2035:
“[The COP] calls on all actors to work together to enable the scaling up of financing to developing country parties for climate action from all public and private sources to at least $1.3tn per year by 2035.”
In contrast to the $300bn target, this $1.3tn figure, which first appeared in a proposal by the African Group in 2021, reflects developing-country demands and needs. It also aligns with influential analysis of developing-country needs by the Independent High-Level Expert Group on Climate Finance (IHLEG).
Yet, this part of the text lacked binding language and detail on who precisely would be responsible for providing these funds. It has therefore been described by civil-society groups as more of an aspirational “call to action” than a target.
(“Calls on” is the weakest form of words in which UN legal texts can make a request.)
However, the COP29 text contained another relevant decision, added as negotiations drew to a close. It mentioned a “Baku to Belém roadmap to $1.3tn” – a report that could flesh out ways to scale up finance further and help developing countries achieve their climate targets.

The Azerbaijani COP29 presidency and the incoming Brazilian presidency were tasked with assembling this roadmap ahead of COP30 in 2025.
In the months that followed, the presidencies engaged with governments, civil-society groups, businesses and other relevant actors. They gathered information to build a “library of knowledge and best practices”, which could boost climate finance for developing countries.
What is the goal of the roadmap?
The roadmap comes at a difficult time for climate finance, with a particularly “bleak” outlook for public funding from developed countries. Major donors – particularly the US – have made large cuts to their aid budgets, threatening climate spending overseas.
At the same time, private investment has also faltered, with successive economic shocks raising the cost of capital for clean-energy projects in developing countries.
For years, finance experts and development leaders have talked of a “billions to trillions” agenda, suggesting that public money could help to “mobilise” trillions of dollars of private investments that could be used to build low-carbon infrastructure in the global south.
Yet, the “billions to trillions” concept has also faced growing scrutiny, with even the World Bank chief economist Indermit Gill branding it “a fantasy”. Critics have highlighted wider issues constraining developing countries, such as high levels of debt.
The NCQG text from COP29 set out the roadmap’s overarching goal of scaling up annual climate finance to $1.3tn, through means including “grants, concessional and non-debt-creating instruments, and measures to create fiscal space”.
On the current trajectory, financial sources potentially covered by the target could hit around $427bn for developing countries a year by 2035, less than a third of the goal, according to analysis by the thinktank NRDC.
Achieving $1.3tn of finance relies on what one report calls “yet-to-be-defined mechanisms”, which go beyond the ones covered by the $300bn target.
Countries and other relevant parties were asked by the presidencies for their views on “short-term” – actions by 2028 and “medium-to-long term” actions beyond 2028 that could ramp up finance further. They were asked about new sources of finance and thoughts on scaling up adaptation finance, in particular.
There have already been numerous ideas and programmes put forward for scaling up international climate finance. These include G20-led reforms of the multilateral development banks (MDBs), this year’s International Conference on Financing for Development, as well as UN sovereign debt restructuring efforts.
Accordingly, the Baku to Belém roadmap was also given a remit to “tak[e] into account relevant multilateral initiatives as appropriate”. Parties were also asked for suggestions of organisations and initiatives that should be involved.
Rebecca Thissen from Climate Action Network (CAN) International tells Carbon Brief:
“The roadmap could support the UNFCCC to be sending strong signals to the international community…But also using the convening power that the UNFCCC could have, so bringing those different actors to the table in a more structured and predictable way.”
What are different countries’ views on climate finance?
There were over 227 submissions into the Baku to Belém roadmap, including 38 from countries and party groupings. The remainder came mainly from NGOs, businesses, financial experts and researchers, as shown in the figure below.

The submissions partly reflect what the thinktank C2ES describes as the “pockmarked baggage of the climate finance negotiations”, with many parties demonstrating the same entrenched, often opposing views on climate finance that they have held for decades.
Carbon Brief has captured the submissions by countries and party groupings in the interactive table below, comparing their views on key issues.
There is broad agreement among countries that the roadmap should not reopen the NCQG discussions or involve a new, negotiated outcome at COP30.
However, some parties still call for more accountability in achieving the existing goals.
Latin American countries within the AILAC grouping call for the roadmap to “define concrete milestones for scaling up climate finance”. Egypt goes further, proposing that developed countries alone commit “at least $150bn annually in public concessional finance by 2028”, mainly as grants.
A key divergence in submissions is on which governments and institutions, precisely, should be responsible for scaling finance up to $1.3tn.
Several developing-country groups stress the importance of centring developed countries as the primary contributors, referencing Article 9.1 of the Paris Agreement.
The Like-Minded Developing Countries (LMDCs) group, which includes India, China and Saudi Arabia, states that “the roadmap must place Article 9.1 as its central pillar”. The G77 and China – a group representing all developing countries – stresses the “additional role developed countries will play in the context of Article 9.1, which is additional to the $300bn”.
Meanwhile, many developed countries focus on what Canada refers to as “a necessary broadening of climate finance” within the roadmap. In practice, this often amounts to a greater push for private finance, as well as “innovative” new sources such as global levies.
While developing countries do not often outright oppose such sources, some of them propose tighter limits. For example, China says “purely commercial investment flows should not be included” in the $1.3tn, which should only count funds “mobilised through public interventions”.
A related dispute centres on the roadmap’s scope, with the EU suggesting it should “extend beyond the UNFCCC framework”.
Parties such as India reject the idea of involving other multilateral fora, such as the G20. This would involve moving beyond the UN climate process, where developed countries have traditionally been the ones responsible for channelling climate finance.
The submissions also show notable differences among developing-country groupings. On the topic of defining what should be counted as “climate finance”, the Alliance of Small Island States (AOSIS) opposes the inclusion of funding for fossil-fuel projects, while the Arab Group says it does not support “any exclusionary criteria”.
There is coalescence between parties around other issues, albeit with various subtle differences.
Areas of broad agreement include the importance of more funding for climate adaptation, dealing with “barriers” to funding in developing countries and improving the transparency of climate-finance provision.
The roadmap details some of the potential sources of finance identified within the submissions.
This includes direct budget contributions, which the submissions suggest could generate an additional $197bn in financing; improved rechanneling and new issuances of special drawing rights ($100-500bn per year); carbon pricing ($20-4,900bn, dependent on rate and geographies); and fees on aviation or maritime transport($4-223bn).
Additionally, a range of taxes were identified as candidates for raising new climate finance. These include taxes on specific goods such as luxury fashion, technology and military goods ($34-112bn), financial transactions taxes ($105-327bn), minimum corporate taxes ($165-540bn) and wealth taxes ($200-1,364bn).
In a statement, Rebecca Newsom, global political expert at Greenpeace International, said:
“It’s notable that the roadmap recognises new taxes and levies as key to unlocking public climate finance. Given reported profits from just five international oil and gas giants over the last decade reached almost $800bn, taxing fossil fuel corporations is clearly a huge opportunity to overcome national fiscal constraints.
“The roadmap’s recognition that the UN tax convention provides an opportunity to raise new sources of concessional climate finance is also highly welcome, and is an opportunity governments must now seize.”
What are the solutions that the roadmap has identified?
The roadmap sets out “five action fronts” for reaching $1.3tn by 2035.
These are designed to “help deliver on the at-least-$1.3tn aspiration by strengthening supply, making demand more strategic, and accelerating access and transparency”.
The report titles these five action fronts as “replenishing, rebalancing, rechanneling, revamping and reshaping”.
Within each of these, the roadmap lays out key points to help “transform scientific warning into a global blueprint for cooperation and tangible results”.
The first, “replenishing”, refers to grants, concessional finance and low-cost capital, including multilateral climate funds and MDBs.
It notes that there is a “growing role” for MDBs in advancing climate action, as well as a need for developed countries to achieve “manyfold increases in the delivery of grants and concessional climate finance, including through bilateral and multilateral channels”.
Access to grants and concessional finance is a key enabling factor for an “efficient” flow of public funding, the roadmap notes.
The roadmap calls for coordination in the international finance system, bilateral finance that is concessional and low-cost, multilateral climate funds, innovative sources of concessional finance with simplified access pathways and more.
This coordination could be key, with Sarah Colenbrander, director of ODI’s climate and sustainability programme, telling Carbon Brief:
“The bigger risk is probably that some countries will allocate their climate finance differently, so that they can report more money going out the door without a commensurate increase in fiscal effort. For example, they might shift from grants to concessional loans, and from concessional loans to market-rate loans. If the money will be repaid, there is less lift for taxpayers at home.
“Alternatively, countries might focus on using public finance to mobilise private finance that can also count towards the $300bn goal. Private finance has a very important role to play in both mitigation and adaptation, but it is very unlikely to meet the needs of the most vulnerable communities, given their high adaptation investment needs and very limited ability to pay.”
In particular, the roadmap suggests MDBs “intensify their engagement on climate finance through a strategic approach that recognises and amplifies their catalytic role in providing and mobilising capital”.
Second, “rebalancing” refers to fiscal space and debt sustainability. The roadmap calls on creditor countries, the International Monetary Fund (IMF) and MDBs to work together to “alleviate onerous debt burdens faced by developing countries”.
The roadmap notes that external debt servicing costs of developing countries have more than doubled since 2014, to $1.7tn per year in 2023.
Developing countries’ net interest payments on public debt reached $921bn in 2024, a 10% increase compared to 2023, it adds.
The roadmap notes the need to “remove barriers and address disenablers faced by developing countries in financing climate action”. It adds that developing countries face at least two- to four-times the borrowing costs of developed countries.
It points to a number of “promising” solutions already being implemented, such as climate-resilient debt clauses and “debt-for-climate swaps” and debt restructuring.
In particular, MDBs, the IMF, UN agencies and regional UN economic commissions could work together to create a “one-stop shop” for assistance in these areas, the roadmap says.
Third, “rechannelling” refers to “transformative” private finance and affordable cost of capital.
It notes that mobilisation of private finance has been “stubborn to scale”: The level of private finance leveraged by official development interventions has grown by 7% per year from 2016 to 2019 and then 16% per year from 2020 to 2023, to reach $46bn.
The roadmap says that “blended finance” can play a role in scaling up climate finance and that private finance for the implementation of “nationally determined contributions” to cutting global emissions (NDCs) and national adaptation plans (NAPs) has “significant potential for growth”.
“Innovative instruments” are listed as a key approach to improving private finance, including “catalytic equity”, guarantees, foreign exchange risk management, securitisation platforms and more.
To support this, the roadmap calls for target-setting and data transparency, along with increasing, coordinating and harmonising guarantee offerings and channelling concessional finance into long-term foreign exchange hedging facilities, along with other actions.
Relying heavily on private finance could pose a risk, Jan Kowalzig, senior policy adviser for climate at Oxfam Germany, tells Carbon Brief, adding:
“The much larger problem, however, is the plan to massively rely on private finance in the future. While private finance has a key role to play to transform economies, [it] cannot replace much-needed public finance, especially for adaptation and for responding to loss and damage.
“Interventions in these sectors often do not generate return to satisfy investors’ expectations. Forcing projects to become profitable can come at great social cost for frontline communities struggling to survive in the worsening climate crisis.”
The roadmap suggests financial institutions move towards “originate-to-distribute” and “originate-to-share” business models, support the development of climate-aligned domestic financial systems and expand investor bases and diverse sources of capital, amongst other proposals.
Fourth is “revamping”, referring to capacity and coordination for scaled climate portfolios. This “demands institutions to manage risks locally, develop project pipelines, ensure country ownership and track progress and impact”.
It notes that “whole-of-government” approaches to the transition can be strengthened, with NDCs and NAPs integrated throughout national investment strategies. Additionally, it points to country-led coordination or platforms as a route for improving investment.
The roadmap suggests readiness support and project preparation as routes to “revamp” climate finance, alongside support to scale, coordinate and tailor capacity building, the development of country platforms and the provision of “predictable and flexible support for investment frameworks”.
The final “R” is “reshaping”, focused on systems and structures for capital flows. It highlights a number of barriers that still remain for capital flows through developing countries, including outdated clauses in investment treaties.
It recommends prudential regulation, interoperability of taxonomies, climate disclosure frameworks and investment treaties, as key actions to support the reshaping of capital flows.
Additionally, the roadmap suggests that credit rating agencies further refine their methodologies, that jurisdictions adopt voluntary disclosure of climate-related financial risks of financial institutions and that climate stress-test requirements are gradually embedded in supervisory reviews and bank risk management.
Beyond the “five [finance] action fronts”, the roadmap sets out five thematic areas, noting that “where and how finance is directed” matters.
These are: adaptation and loss and damage; clean-energy access and transitions; nature and supporting its guardians; agriculture and food systems; and just transitions.
Within each, it sets out some of the key challenges and suggests routes for financial support.
What happens next?
The Baku to Belem roadmap is not a formal part of COP30 negotiations, but there will be a major launch event at the summit.
Beyond that, the final section of the roadmap sets out that this is the “beginning [of] the journey”. It and details suggested short-term contributions (2026-2028), to serve as “initial, practical steps to inform and guide the early implementation of the roadmap”.
This includes the Azerbaijani and Brazilian presidencies convening an expert group tasked with refining data and developing “concrete financing pathways” to get to $1.3bn in 2035. This will build on the action fronts set out in the roadmap, with the first such report due by October 2026.
Throughout 2026, the presidencies will convene dialogue sessions with parties and stakeholders to discuss how to progress the action fronts over the medium to long term.
The roadmap suggests that to improve predictability, developed countries “could consider” working together on a delivery plan to outline how they expect to achieve the at-least $300bn goal by 2030, as well as other elements of the NCQG.
Additional suggestions in the roadmap are listed in the table below.
(Notably, almost all of these suggestions are made using loose, voluntary language. For example, the roadmap says that developed countries “could” create a delivery plan for their NCQG pathways.)
| Who | What | When |
|---|---|---|
| COP29 and COP30 presidencies | Convene an expert group to develop “concrete financing pathways” | October 2026 |
| COP29 and COP30 presidencies | Convene dialogue sessions with parties and stakeholders | 2026 |
| Developed countries | Creating a delivery plan to set out intended contributions and pathways for NCQG targets | End of 2026 |
| Parties to the Paris Agreement | Request the Standing Committee on Finance to provide an aggregate view on pathways for NCQG | 2027 |
| Governments | Request UN entities to examine and review collaboration options | October 2026 |
| Multilateral climate funds | Report annually on the implementation of their “operational framework” on complementarity and coherence, to enhance cross-fund collaboration. | Annually |
| Multilateral climate funds | Develop monitoring and reporting frameworks and coordination plans, explaining their operations by region, topic and sector | October 2027 |
| Multilateral development banks | Collective report on achieving a new aspirational climate finance target for 2035 | October 2027 |
| Multilateral development banks | Adopt “explicit, ambitious and transparent targets for adaptation and private capital mobilisation” | October 2027 |
| International Monetary Fund | Conduct an assessment of the costs, benefits and feasibility of a new issuance of “special drawing rights” | October 2027 |
| UN regional economic commissions | Develop a study on the potential for expanding debt-for-climate, debt-for-nature and sustainability-linked finance | End of 2027 |
| UNSG-convened working group | Propose a consolidated set of voluntary principles on responsible sovereign borrowing and lending. | October 2026 |
| Crediting rating agencies | Develop a structured dialogue platform with ministries of finance to make progress on refinements to credit rating methodologies. | October 2027 |
| Philanthropies | Expand funding of knowledge hubs | October 2026 |
| UN treaty executive secretariats | Develop a joint report with proposals on economic instruments to support co-benefits and efficiencies | End of 2027 |
| Insurance Development Forum and the V20 | Establish a plan for achieving cheaper and more robust insurance and pre-arranged finance mechanisms for climate disasters | October 2026 |
| Financial Stability Board, the Basel Committee on Banking Supervision and the International Association of Insurance Supervisors | Conduct a joint assessment of whether and how barriers to investment in developing countries could be reduced | October 2027 |
| World’s 100 largest companies | Report annually on how they are contributing towards the implementation of NDCs and NAPs | Annually |
| World’s 100 largest institutional investors | Report annually on how they are contributing towards the implementation of NDCs and NAPs | Annually |
COP29 president Mukhtar Babayev and COP30 president André Aranha Corrêa do Lago conclude in the foreword of the report that while the $1.3bn “journey” is beginning amid “turbulent times”, they are confident that “technological and financial solutions exist”. They add:
“Communities and cities are acting. Families and workers are ready to roll up their sleeves and deliver more action. If resources are strategically redirected and deployed effectively – and if the international financial architecture is reset to fulfil its original purpose of ensuring decent prospects for life – the $1.3tn goal will be an achievable global investment in our present and our future. We are optimistic.”
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COP30: What does the ‘Baku to Belém roadmap’ mean for climate finance?
Greenhouse Gases
Cropped 3 December 2025: Extreme weather in Africa; COP30 roundup; Saudi minister interview
We handpick and explain the most important stories at the intersection of climate, land, food and nature over the past fortnight.
This is an online version of Carbon Brief’s fortnightly Cropped email newsletter. Subscribe for free here.
Key developments
COP30 roundup
FOOD OFF THE MENU: COP30 wrapped up in the Brazilian Amazon city of Belém, with several new announcements for forest protection, but with experts saying that food systems were seemingly “erased” from official negotiations, Carbon Brief reported. Other observers told the Independent that the lack of mention of food in some of the main negotiated outcomes was “surprising” and “deeply disappointing”. The outlet noted that smallholder farmers spend an “estimated 20 to 40% of their annual income on adaptive measures…despite having done next to nothing to contribute to the climate crisis”.
‘BITTERSWEET’: Meanwhile, Reuters said that the summit’s outcomes for trees and Indigenous peoples were “unprecedented”, but “bittersweet”. It noted that countries had “unlocked billions in new funds for forests” through the Tropical Forest Forever Facility. (For more on that fund, see Carbon Brief’s explainer.) However, the newswire added, “nations failed to agree on a plan to keep trees standing as they have repeatedly promised to do in recent summits”. Mongabay noted that pledges to the new forest fund totalled “less than a quarter of the $25bn initially required for a full-scale rollout”.
‘MIXED OUTCOMES’: A separate piece in Mongabay said that COP30 “delivered mixed outcomes” for Indigenous peoples. One positive outcome was a “historic pledge to recognise Indigenous land tenure rights over 160m hectares” of tropical forest land, the outlet said. This was accompanied by a monetary pledge of $1.8bn to support “Indigenous peoples, local and Afro-descendant communities in securing land rights over the next five years”, it added. However, Mongabay wrote, there were some “major disappointments” around the summit’s outcomes, particularly around the absence of mention of critical minerals and fossil-fuel phaseout in the final texts.
Africa on edge
SOMALIA DROUGHT: Somalia officially declared a drought emergency last month “after four consecutive failed rainy seasons left millions at risk of hunger and displacement”, allAfrica reported, with 130,000 people in “immediate life-threatening need”. According to Al Jazeera, more than 4.5 million people “face starvation”, as “failed rains and heat devastated” the country, with displaced communities also “escaping fighting” in their villages and aid cuts impacting relief. Down to Earth, meanwhile, covered an Amnesty International report that demonstrated that Somalia failed to “implement a functional social-security system for the marginalised, particularly those negatively affected by drought”.
COCOA CRASH: Ivory Coast’s main cocoa harvest is expected to “decline sharply for [the] third consecutive year” due to erratic rainfall, crop disease, ageing farms and poor investment, Reuters reported. Africa Sustainability Matters observed that the delayed implementation of the EU’s deforestation law – announced last week – could impact two million smallholder farmers, who may see “delays in certification processes ripple through payment cycles and export volumes”. Meanwhile, SwissInfo reported that the “disconnect between high global cocoa prices and the price paid to farmers” is leading to “unprecedented cocoa smuggling” in Ghana.
‘FERTILISER CRISIS’: Nyasa Times reported that, “for the first time”, Malawian president Peter Mutharika admitted that the country is “facing a planting season…for which his government is dangerously unprepared”. According to the paper, Mutharika acknowledged that the country is “heading into the rains without adequate fertiliser and with procurement dangerously behind schedule” at a meeting with the International Monetary Fund’s Africa director. “We are struggling with supplies… We are not yet ready in terms of fertiliser,” Mutharika is quoted as saying, with the paper adding that his administration is “overwhelmed” by a fertiliser crisis.
News and views
PLANT TALKS COLLAPSE: “Decade-long” talks aimed at negotiating new rules for seed-sharing “collapsed” after week-long negotiations in Lima, Euractiv reported. The International Treaty on Plant Genetic Resources for Food and Agriculture allows “any actor to access seed samples of 64 major food crops stored in public gene banks”, but “virtually no money flows back to countries that conserve and share seed diversity”, the outlet said. Observers “criticised the closed-door nature of the final talks”, which attempted to postpone a decision on payments until 2027, it added.
UNSUSTAINABLE: The UK food system is driving nature loss and deepening climate change, according to a new WWF report. The report analysed the impacts on nature, climate and people of 10 UK retailers representing 90% of the domestic grocery market. Most of the retailers committed in 2021 to halving the environmental impact of the UK grocery market by 2030. However, the report found that the retailers are “a long way off” on reducing their emissions and sourcing products from deforestation-free areas.
GREY CARBON: A “flurry” of carbon-credit deals “covering millions of hectares of landmass” across Africa struck by United Arab Emirates-based firm Blue Carbon on the sidelines of COP28 “have gone nowhere”, according to a joint investigation by Agence-France Presse and Code for Africa. In Zimbabwe – where the deal included “about 20% of the country’s landmass” – national climate change authorities said that the UAE company’s memorandum of understanding “lapsed without any action”. AFP attempted multiple ways to contact Blue Carbon, but received no reply. Meanwhile, research covered by New Scientist found that Africa’s forests “are now emitting more CO2 than they absorb”.
UK NATURE: The UK government released an updated “environmental improvement plan” to help England “meet numerous legally binding goals” for environmental restoration, BusinessGreen reported. The outlet added that it included measures such as creating “wildlife-rich habitats” and boosting tree-planting. Elsewhere, a study covered by the Times found that England and Wales lost “almost a third of their grasslands” in the past 90 years. The main causes of grassland decline were “increased mechanisation on farms, new agrochemicals and crop-growing”, the Times said.
IN DANGER: The Trump administration proposed changes to the US Endangered Species Act that “could clear the way for more oil drilling, logging and mining” in key species habitats, reported the New York Times. This act is the “bedrock environmental law intended to prevent animal and plant extinctions”, the newspaper said, adding that one of the proposals could make it harder to protect species from future threats, such as the effects of climate change. It added: “Environmental groups are expected to challenge the proposals in court once they are finalised.”
‘ALREADY OVERSTRETCHED’: Producing enough food to feed the world’s growing population by 2050 “will place additional pressure on the world’s already overstretched” resources, according to the latest “state of the world’s land and water resources” report from the UN Food and Agriculture Organization. The report said that degradation of agricultural lands is “creating unprecedented pressure on the world’s agrifood systems”. It also found that urban areas have “more than doubled in size in just two decades”, consuming 24m hectares “of some of the most fertile croplands” in the process.
Spotlight
Saudi minister interviewed
During the second week of COP30 in Belém, Carbon Brief’s Daisy Dunne conducted a rare interview with a Saudi Arabian minister.
Dr Osama Faqeeha is deputy environment minister for Saudi Arabia and chief adviser to the COP16 presidency on desertification.
Carbon Brief: Thank you very much for agreeing to this interview. You represent the Saudi Arabia COP16 presidency on desertification. What are your priorities for linking desertification, biodiversity and climate change at COP30?
Dr Osama Faqeeha: First of all, our priority is to really highlight the linkages – the natural linkage – between land, climate and biodiversity. These are all interconnected, natural pillars for Earth. We need to pursue actions on the three together. In this way, we can achieve multiple goals. We can achieve climate resilience, we can protect biodiversity and we can stop land degradation. And this will really give us multiple benefits – food security, water security, climate resilience, biodiversity and social goals.
CB: Observers have accused Saudi Arabia, acting on behalf of the Arab group, of blocking an ambitious outcome on a text on synergies between climate change and biodiversity loss, under the item on cooperation with international organisations. [See Carbon Brief’s full explanation.] What is your response?
OF: We support synergies in the action plans. We support synergies in the financial flows. We support synergies in the political [outcome]. What we don’t support is trying to reduce all of the conventions. We don’t support dissolving the conventions. We need a climate convention, we need a biodiversity convention and we need a desertification convention. There was this incident, but the discussion continued after that and has been clarified. We support synergies. We oppose dissolution. This way we dilute the issues. No. This is a challenge. But we don’t have to address them separately. We need to address them in a comprehensive way so that we can really have a win-win situation.
CB: But as the president of the COP16 talks on desertification, surely more close work on the three Rio conventions would be a priority for you?
OF: First of all, we have to realise the convention is about land. Preventing land degradation and combating drought. These are the two major challenges.

CB: We’re at COP30 now and we’re at a crucial point in the negotiations where a lot of countries have been calling for a roadmap away from fossil fuels. What is Saudi Arabia’s position on agreeing to a roadmap away from fossil fuels?
OF: I think the issue is the emissions, it’s not the fuel. And our position is that we have to cut emissions regardless. In Saudi Arabia, in our nationally determined contribution [NDC], we doubled [the 2030 emissions reductions target] – from 130MtCO2 to 278MtCO2 – on a voluntary basis. So we are very serious about cutting emissions.
CB: The presidency said that some countries see the fossil-fuel roadmap as a red line. Is Saudi Arabia seeing a fossil-fuel roadmap as a red line for agreement in the negotiations?
OF: I think people try to put pressure on the negotiation to go in one way or another. And I think we should avoid that because, trying to demonise a country, that’s not good. Saudi Arabia is a signatory to the Paris Agreement. Saudi Arabia made the Paris Agreement possible. We are committed to the Paris Agreement.
[Carbon Brief obtained the “informal list” of countries that opposed a fossil-fuel roadmap at COP30, which included Saudi Arabia.]
CB: You mention that you feel sometimes the media demonises Saudi Arabia. So could you clarify, what do you hope to be Saudi Arabia’s role in guiding the negotiations to conclusion here at this COP?
OF: I think we have to realise that there is common but differentiated responsibilities. We have developed countries and developing countries. We have to realise that this is very well established in the convention. We can reach the same end point, but with different pathways. And this is what the negotiation is all about. It’s not one size fits all. What works with a certain country may not work with another country. So, I think people misread the negotiations. We, as Saudi Arabia, officially announced that we will reach carbon neutrality by 2060 – and we are putting billions and billions of dollars to reach this goal. But it doesn’t mean that we agree on everything. On every idea. We agree to so many things, you never hear that. Saudi Arabia agrees on one thousand points and we disagree on one point, then suddenly it becomes the news. Now, why does the media do that? Maybe that gives them more attention. I don’t know. But all I can tell you is that Saudi Arabia is part of the process. Saudi Arabia is making the process work.
This interview has been edited for length.
Watch, read, listen
NEW CHALLENGE: CNN discussed the environmental impacts of AI usage and how scientists are using it to conserve biodiversity.
AMAZON COP: In the Conversation, researchers argued that hosting COP30 in the Amazon made the “realities of climate and land-use change jarringly obvious” and Indigenous voices “impossible to ignore”.
DUBIOUS CLAIMS: DeSmog investigated an EU-funded “campaign blitz” that “overstated the environmental benefits of eating meat and dairy, while featuring bizarre and misleading claims”.
WASP’S NEST: In a talk for the Leverhulme Centre for Nature Recovery, Prof Seirian Sumner explained the “natural capital” of wasps and why it is important to “love the unlovable parts of nature”.
New science
- Climate change can “exacerbate” the abundance and impacts of plastic pollution on terrestrial, freshwater and marine ecosystems | Frontiers in Science
- The North Sea region accounts for more than 20% of peatland-related emissions within the EU, UK, Norway and Iceland, despite accounting for just 4% of the region’s peatland area | Nature Communications
- Economic damages from climate-related disasters in the Brazilian Amazon rose 370% over 2000-22, with farming experiencing more than 60% of total losses | Nature Communications
In the diary
- 1-5 December: Meeting of the implementation review committee of the UN desertification convention | Panama City
- 2-5 December: Meeting of the contracting parties to the Barcelona Convention on the protection of the Mediterranean Sea | Cairo
- 5 December: World soil day
- 8-12 December: International Water Association water and development congress and exhibition | Bangkok
Cropped is researched and written by Dr Giuliana Viglione, Aruna Chandrasekhar, Daisy Dunne, Orla Dwyer and Yanine Quiroz. Ayesha Tandon also contributed to this issue. Please send tips and feedback to cropped@carbonbrief.org
The post Cropped 3 December 2025: Extreme weather in Africa; COP30 roundup; Saudi minister interview appeared first on Carbon Brief.
Cropped 3 December 2025: Extreme weather in Africa; COP30 roundup; Saudi minister interview
Greenhouse Gases
Analysis: Why COP30’s ‘tripling adaptation finance’ target is less ambitious than it seems
One of the headline outcomes to emerge from COP30 was a new target to “at least triple” finance for climate adaptation in developing countries by 2035.
Vulnerable nations stress that they urgently need to strengthen their infrastructure as climate hazards intensify, but they struggle to attract funding for these efforts.
The new goal, which builds on a previous target agreed four years ago to double adaptation finance by 2025, was a central demand for many developing countries at the UN climate summit in Belém.
Yet, throughout the two-week negotiations, developed-country parties opposed new targets that would give them more financial obligations.
As a result of this opposition, the final target is less ambitious than the idea originally floated by developing countries, resulting in less pressure on developed countries to provide public funds.
This article looks at precisely what the final COP30 outcome does – and does not – say about tripling adaptation finance, as well as the implications for developing countries.
- 1) The final COP30 decision delayed the ‘tripling’ target by five years and added uncertainty
- 2) The new target is looser than the previous ‘doubling’ goal for adaptation finance
- 3) The target also falls far short of developing countries’ adaptation needs
1. The final COP30 decision delayed the ‘tripling’ target by five years and added uncertainty
At COP26 in Glasgow in 2021, a target was agreed for developed nations to double the amount of adaptation finance they would provide to developing countries by 2025.
This target has been broadly interpreted as approximately $40bn by 2025, using the agreed baseline of $18.8bn in 2019.
As of 2022, the latest year for which official data is available, annual adaptation finance from developed countries had reached $28.9bn. (Final confirmation of whether the target has been met will not come until 2027, due to the delay in climate-finance reporting.)
With the “doubling” target set to expire this year, some developing countries came to COP30 with the aim of agreeing on a new target.
The least-developed countries (LDCs) group called for “a tripling of grant-based adaptation finance by 2030 to at least $120bn”. They were backed by small-island states, the African group and some Latin American countries.
This proposal was included in the first draft of the “global mutirão“, the key overarching decision text produced by the COP30 presidency.
However, the text that ultimately emerged pushed the “tripling” deadline back to 2035. As the chart below shows, this delayed target could mean far less adaptation finance in the short term, due to developed countries taking longer to ramp up their contributions.

Lina Yassin, an adaptation advisor to the LDCs, tells Carbon Brief that this goal is “fundamentally out of step” with the obligation for developed countries to achieve a “balance” between adaptation and mitigation finance.
(This obligation is set out in the Paris Agreement, but, in practice, developed countries provide far more finance for mitigation initiatives, such as clean-energy projects. Adaptation finance has been around a third of the total in recent years and this would still be the case if the overall $300bn climate-finance and tripling adaptation finance targets are both met.)
The final text also removed a mention of 2025 as the baseline year, adding uncertainty as to what precisely the 2035 target means.
“The [LDCs] wanted a clear number, tied to a clear baseline year, that you can actually track and hold providers accountable for,” Yassin explains.
The text does allude to the “doubling” target agreed at COP26 in Glasgow, which some analysts say is an indicator of what the baseline should be.
“It is obviously deliberately vaguely written, but we think the reference to the Glasgow pledge means they should triple that pledge,” Gaia Larsen, director for climate finance access at the World Resources Institute (WRI), tells Carbon Brief.
2. The new target is looser than the previous ‘doubling’ goal for adaptation finance
The “doubling” target set at COP26 was based on adaptation finance “provided” by developed countries.
This means it exclusively comes as publicly funded grants and loans from many EU member states, the US, Japan and a handful of other nations, including finance they raise via multilateral development banks (MDBs) and funds.
The LDCs’ original proposal for the “tripling” goal was even more specific. It called for “grant-based finance”, meaning any loans would not be included.
Amid widespread cuts to aid budgets, notably in the US, developed countries have been unwilling to commit to new targets based solely on them providing public finance.
Instead, they stressed at COP30 that any new pledges should align with the “new collective quantified goal” (NCQG) to raise $300bn by 2035, which was agreed last year. This is reflected in the final decision, which says the tripling target is “in the context of” the NCQG.
Unlike the COP26 goal, the NCQG covers finance from a variety of sources, including “mobilised” private finance and voluntary contributions from wealthier developing countries.
Assuming $120bn as the 2035 objective, WRI has estimated what its composition could be, based on the looser accounting allowed under the new adaptation-finance goal.
As the chart below shows, the institute estimates that more than a quarter of the target could be met by these new sources, with the rest coming from developed-country governments.

WRI assumes that MDBs will play a “critical role” in meeting the 2035 target, amid calls for them to triple their overall finance. More MDB funding would also automatically be counted, as the new adaptation goal includes MDB funds that are attributable to developing countries, as set out in the NCQG.
The WRI analysis also assumes a big increase in the amount of private finance for adaptation that is “mobilised” by public spending, scaling up significantly to $18bn by 2035.
Traditionally, it has been difficult to raise private investment for adaptation initiatives, as they provide less return on investment than clean-energy projects.
3. The target also falls far short of developing countries’ adaptation needs
The UN Environment Programme’s (UNEP) recent “adaptation gap” report estimates that developing countries’ adaptation investment requirements – based on modelled costs – will likely hit $310bn each year by 2035.
Developing countries have self-reported even higher financial “needs” in their nationally determined contributions (NDCs) and national adaptation plans (NAPs) submitted to the UN.
When added together, UNEP concludes these needs amount to $365bn each year for developing countries between 2023 and 2035.
(According to NRDC, most of this discrepancy comes from middle-income countries reporting significantly higher needs than the UNEP-modelled costs.)
As the chart below shows, the new COP30 target would not cover more than a third of these estimated needs by 2035.

Both domestic spending and private-sector investment that is independent of developed-country involvement are expected to play a role in meeting developing countries’ adaptation needs.
Nevertheless, UNEP states that the overarching climate-finance goals set by countries are “clearly insufficient” to close the adaptation-finance “gap”.
Even in a scenario based on the LDCs’ original proposal of tripling adaptation finance to $120bn by 2030, the UNEP report concluded that a “significant” gap would have remained.
The post Analysis: Why COP30’s ‘tripling adaptation finance’ target is less ambitious than it seems appeared first on Carbon Brief.
Analysis: Why COP30’s ‘tripling adaptation finance’ target is less ambitious than it seems
Greenhouse Gases
Asia-Pacific faces ‘$500bn-a-year’ hit from rising seas if current policies continue
Coastal flooding could bring $500bn of annual damages to the Asia-Pacific by the year 2100, if countries do not adapt to rising sea levels.
This is according to new research, published in the journal Scientific Reports, which assesses how coastal flooding is impacting the Asia-Pacific region – and models how the damages could worsen as sea level rises over the 21st century.
The paper finds that coastal flooding is already driving $26.8bn of damage every year across 29 countries in Asia and the Pacific, equivalent to 0.1% of the region’s GDP.
It projects that, under current policies, annual coastal flood damages in the region could rise to $518bn by 2100 – but this could drop to $338bn if warming is capped at 1.5C.
Small island states face the greatest risks from coastal flooding and will continue to bear the brunt of the damage as the planet continues to warm, according to the research.
For example, it finds that Tuvalu will face annual coastal flood damage equivalent to 38% of its GDP by the end of the century.
Meanwhile, small island states such as Kiribati, the Maldives, Micronesia and Tuvalu will permanently lose around 10% of their total land area.
The study’s lead author says the research shows how “rising seas” create “existential” and “economic” risks for low-lying islands in the Asia-Pacific.
He tells Carbon Brief that the paper highlights a “sharp inequality”, as developing nations with little historical responsibility for sea level rise face the brunt of its impacts.
Coastal damage
More than one billion people – about 15% of the world’s population – currently live within 10km of a coast.
Asia is home to some of the largest cities in the world, many of which are located near the sea, such as Mumbai, Tokyo, and Shanghai. The continent is home to 60% of the world’s coastal population.
However, there are hazards to living near the water.
Coastal flooding is caused by a combination of gradually rising sea levels and “episodic extreme sea levels”, such as high tides and storm surges, the study explains.
To assess these two factors, the study combines components including an ocean model and tide-height data.
The authors model flooding in all coastal Pacific and Asian countries that are listed as “developing member countries” by the Asian Development Bank. These 29 countries include Bangladesh, the Philippines and Tuvalu.
They calculate the economic damage caused by flooding, by combining their flood model with data on land use and “asset values” across the residential, commercial, industrial, infrastructure and agricultural sectors.
The authors assume when land floods permanently, the “assets” are completely lost. For areas that only flood periodically, the authors use a model linking flood depth to a percentage of land damaged to calculate the economic consequences.
They find that coastal flooding currently drives $27bn of damage every year in the Asia-Pacific.
China and Indonesia bear the greatest damage, each losing more than $6bn every year. The study authors say this is because both countries have “extensive coastlines, large populations in flood-prone areas and critical economic infrastructure concentrated near the coast”.
However, the study finds that small islands face the greatest economic damage as a percentage of their GDP.

The study shows that the five most-severely affected countries are small island states. Vanuatu tops the ranking, losing 1.5% of its GDP to flooding every year. It is followed by Papua New Guinea and Micronesia.
Dr Michalis Vousdoukas is a researcher in coastal geography at the University of the Aegean in Greece and lead author of the study.
He tells Carbon Brief that even these damage estimates are “conservative” as they do not consider indirect economic losses, such as disruption to business, the loss of critical infrastructure, such as airports, or social impacts, such as migration.
Vousdoukas tells Carbon Brief that the study “highlights a sharp inequality between responsibility and impact”, explaining that the “countries that contributed the least to global emissions, particularly atoll nations, face the highest relative damages”.
Island nations in the Asia-Pacific region made of atolls – ring-shaped coral reefs or islands – include Kiribati, the Marshall Islands and Tuvalu.
Exposure
The authors also calculate population exposure to flooding, by overlaying their flood model with world population data.
Vousdoukas explains that “a person is considered exposed if they live in an area that appears as flooded in our model”.
The paper finds that six million people across the Asia-Pacific are currently at risk of coastal flooding each year, accounting for 0.2% of the region’s total population. The paper says:
“Although this may appear to be a small percentage, it still represents millions of individuals and families whose lives and livelihoods are under constant threat.”
Ranjan Panda is the convenor of the Combat Climate Change Network in India. Panda, who was not involved in the study, tells Carbon Brief that sea level rise is already forcing “millions of people to migrate out in distressed conditions to cities and other countries”.
China and Bangladesh rank the highest, with 2.2 million and 1.5 million people, respectively, exposed to coastal flooding each year.
However, small islands have the greatest percentage of their population exposed to flooding. Vanuatu again tops the table, with 2% of its population facing coastal flooding every year, according to the study. It is followed by Micronesia and the Maldives.
Bangladesh is the highest ranking non-island country, due to its “densely populated and flood-prone delta region”, the study finds.
Rising seas
As the climate warms, coastal flooding is worsening.
Average global sea levels have risen by more than 20cm since 1900, driven mainly by the thermal expansion of the ocean and the melting of glaciers and ice sheets.
Global warming is also “supercharging” hurricanes and typhoons, causing storm surges – the temporary rise in sea level that happens during a storm – to become more intense.
The study uses projections from the IPCC’s sixth assessment report to model sea level rise over the 21st century. These include thermal expansion and meltwater from glaciers and ice sheets, but exclude “low-likelihood, high-impact” events, such as ice-sheet collapse.
The authors assess five future scenarios:
- SSP1-1.9: A very-low emissions reductions pathway that “aligns with” the Paris Agreement’s 1.5C limit
- SSP1-2.6: A “low” emissions pathway achieving net-zero emissions after 2050
- SSP2-4.5: A “moderate” emissions scenario, often described as the trajectory under current climate policies.
- SSP3-7.0: A “high” emissions pathway
- SSP5-8.5: A very-high emissions pathway of “high fossil fuel reliance” throughout the 21st century
They find that, even under the lowest 1.5C warming scenario, countries in the Asia-Pacific will face damages of $338bn due to coastal flooding every year by the end of the century. This accounts for 1.3% of the region’s present-day GDP. (The authors assume no adaptation measures, changes in land use or inflation over the century.)
Under the current policy scenario, annual damage from coastal flooding rises to $518bn by the end of the century.
The chart below shows coastal flood damage as a percentage of annual GDP by the end of the century under the five scenarios for each country. Each horizontal bar shows the damage for one country, with the lowest warming SSP1-1.9 scenario on the left (grey) and highest warming SSP5-8.5 scenario (black) on the right.

The study finds that, by the end of the century, the Pacific island of Tuvalu will face the worst economic consequences from coastal flooding. Even under the 1.5C warming scenario, its annual economic losses due to coastal flooding will reach 38% of its GDP.
The authors also assess the amount of land that will be permanently lost to the sea.
They find that small island states – such as Kiribati, the Maldives, Micronesia and Tuvalu – will experience the highest percentage of their land permanently submerged, each losing around 10% of their total land area.
Two million people currently live in areas of the Asia-Pacific that will be permanently flooded by the end of the century under the 1.5C warming scenario, according to the research.
Finance gap
Countries can reduce the impacts of coastal flooding through adaptation. This can include building flood defenses, making infrastructure more resilient to flooding, or arranging “managed retreat” to move people away from vulnerable areas as the seas encroach.
The study authors model the cost of building defences – such as sea walls, levees, embankments and sand dunes – high enough that the economic damage from coastal flooding over the 21st century does not worsen beyond 2020 levels.
The research highlights that the cost of investing in these defences is substantially lower than the potential economic damages of sea level rise.
The authors estimate that, under a 1.5C warming scenario, building flood defenses to limit flood damage to 2020 levels would cost $9bn in total. However, building these defences would avoid $157bn in damages due to coastal flooding, they find.
Dr Rafael Almar is a researcher at the Laboratory of Space Geophysical and Oceanographic Studies in France and was not involved in the study. He says the study has “significant implications for development banks and financial institutions” as it could help them prioritise investments in “clearly identified hotspots”.
However, he emphasises that building flood defences “is not the only solution”. For example, he argues that “relocation and renaturalisation” – the process of moving people away from the coast and allowing the area to return to its natural state – can make an area “more resilient”.
Panda also warns that physical flood defenses “could actually be triggering further local environmental crises that accelerate the losses and damages faced by people due to sea level rise and flooding impacts”.
Sea walls have been shown to damage wildlife – for example, blocking animals such as turtles from reaching parts of the beach – according to an article in Climate Home News. The piece adds that physical defenses are “inflexible” and “mainly benefit the rich and encourage risky building near the coast”.
Sourcing money for developing countries to adapt to the impacts of climate change is an ongoing talking point at international climate negotiations.
A group of developed nations, including much of Europe, the US and Japan, is obliged under the Paris Agreement to provide international “climate finance” to developing countries. This money can be used for both mitigation – reducing emissions to limit warming – and adaptation.
In 2023, developed nations provided $26bn in international adaptation finance to developing nations, according to a recent UN report. This is roughly the amount that Asia-Pacific countries currently lose every year due to coastal flooding alone.
The post Asia-Pacific faces ‘$500bn-a-year’ hit from rising seas if current policies continue appeared first on Carbon Brief.
Asia-Pacific faces ‘$500bn-a-year’ hit from rising seas if current policies continue
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