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As climate change impacts worsen and aid budgets fall, leaders gathered in Spain for a UN conference on funding sustainable development this week threw their weight behind innovative tools such as taxes on extreme wealth, levies on polluting transport and debt swaps to raise more money to tackle the climate crisis.

UN Secretary-General António Guterres told journalists in the southern of city of Seville – sweltering in a heatwave with temperatures topping 40 degrees Celsius – that countries must now put their minds to implementing new ways to mobilise money, including carbon taxes and levies on flying and shipping.

“It’s time to seriously think about innovative forms of financing – to put a tax on carbon, to create levies in relation to several areas of activity, namely the impacts of maritime transportation in relation to climate change,” Guterres said. “There are many ways to multiply the resources available if we have the political will for that.”

Governments set to agree fees for ships that miss green targets

Eight countries – including France, Spain and Kenya – came together on the sidelines of the conference to push for taxation of premium plane tickets and private jet travel to pay for climate action.

The members of the new coalition said that, ahead of the COP30 climate summit in November, they would work to persuade more governments to apply flight ticket levies to support fair energy transitions and climate resilience both at home and in other countries.

Coalition set sights on taxing luxury air travel to fund climate action

Spain and Brazil, meanwhile, launched a separate coalition to advance work on taxing the super-rich, joined by South Africa and building on a G20 agreement in 2024.

According to a joint statement, the initiative aims to incentivise other countries and civil society to sign up and address policy, administrative and data deficiencies preventing high-net-worth individuals from being taxed more efficiently in line with their wealth. The statement also signalled growing support for international tax negotiations at the UN and promised to evaluate legislative initiatives on taxing the ultra-rich​​​.

Comment: There is no climate finance gap – only a tax sovereignty gap

These announcements came as 192 governments at the conference adopted a 42-page document entitled the “Sevilla Commitment”. In it, they warned that time is running out to address the climate crisis, and noted that the world is “falling short in tackling climate change, biodiversity loss, and desertification”.

They stressed the urgency of increasing ambition for climate action through the UN’s climate process (the UNFCCC) to reduce greenhouse gas emissions, adapt to a warming climate, and provide finance to developing countries to help them put their climate plans into practice.

The United States participated in the months-long negotiations on the development financing document but withdrew in the final stages and said it would not attend the conference in Spain. Under President Donald Trump, the US has ended the majority of its aid and climate spending for the Global South.

Here are some of the key measures endorsed by UN member states in the Seville declaration that would help to increase climate finance for the Global South:

Using national budgets

Countries agreed to take the environment, nature, climate and food security into account when planning national budgets, in line with their own unique needs and development priorities. Some of the recommended fiscal tools include green budgeting – which entails putting environmental protection at the heart of government revenue-raising and spending plans – and levying taxes on natural resource exploitation, environmental contamination and pollution.

Climate insurance

The declaration recommends tapping capital markets to fund climate action, including the issuance of green bonds as well as using insurance markets to protect smallholder farmers, cooperatives and small businesses against the adverse effects of global warming and price volatility, among other risks.

Pre-arranged disaster aid

In the face of rising climate shocks and stresses, there is support for more pre-arranged financing that is released before a disaster hits, based on warnings. It includes insurance and other forms of emergency support that can reach households and communities more quickly to reduce aid costs and accelerate recovery. The UK said it would launch a global coalition to scale up the use of this pre-planned finance and work with the insurance industry to help deliver it.

“It is unacceptable that only 2% of crisis finance is pre-arranged when 35% of shocks are modellable,” UK development minister Jenny Chapman told the finance conference in Seville.

Debt pauses and debt swaps for climate

Leaders agreed in the document that there is a need to increase grants as part of official development assistance, as well as offering more low-interest loans – especially to countries most at risk from disasters and climate threats such as floods, storms and rising seas. This would help small island developing states who have been asking for fairer treatment in accessing finance to reduce their debt burden.

Governments promised to promote a system that pauses debt repayments when countries are hit by a climate disaster to allow them to free up money for recovery and supporting affected communities.

In a world first, Grenada activates debt pause after Hurricane Beryl destruction

The Seville commitment also proposes that international efforts to help highly indebted poor countries service their debt burdens could be centralised at the International Monetary Fund or the World Bank. Among other things, this new facility could support the scaling up of debt swaps – which restructure debt to free up money for sustainable development, including for climate and nature programmes – by simplifying their design and reducing transaction costs.

Rich-country climate finance obligations

The Seville declaration identifies the need to make it easier for developing countries to access money from international climate funds, as they have long called for. It adds that richer countries must lead in providing this money, in line with the Paris Agreement rule of fairness based on the greater responsibility they bear to help poor countries deal with climate change.

Leaders called for mobilisation of the “means of implementation” – which means funding and technical help – to meet the new climate finance goal agreed at COP29, the UN’s Fund for Responding to Loss and Damage and the Adaptation Fund among others, as well as supporting the implementation of national plans to cut emissions and adapt to climate change.

What was decided at the COP29 climate summit in Baku?

As part of a broader effort to boost funding, governments said they encourage multilateral development banks (MDBs) to increase and optimise their annual lending capacity “with a view to potentially tripling it” – although no time frame is specified.

MDBs said jointly at COP29 they expected that by 2030, their annual collective climate financing for low- and middle-income countries would reach $120 billion (including $42 billion for adaptation), up from nearly $75 billion in 2023.

Finance for ocean and nature protection

The Seville declaration calls for more resources to be channelled from all sources to address growing desertification, halt biodiversity loss, and advance ocean protection and the sustainable use of marine resources in developing countries.

Governments committed to establishing a new financial mechanism as envisioned under the Convention on Biological Diversity, whose main aim is to provide financial resources to developing countries to advance conservation.

Adding value to critical minerals extraction

Highlighting international trade as an engine for development, leaders highlighted the growing threats it faces including restrictions and tariffs. The document calls for concrete measures to improve poor countries’ abilities to trade in goods and services, and generate more foreign currency, as well as boosting jobs and tax revenue by turning raw materials into useful products within the countries where they are extracted.

To increase local processing of minerals that are critical to the clean energy transition, governments committed to strengthening the capacity of industries in developing countries to participate in regional and global value chains.

Ending poverty and gangs: How Zambia seeks to cash in on the global drive for EVs

This is in line with growing efforts in African nations like Nigeria and Zambia to set up processing plants for raw materials like lithium and copper – used in clean technology such as batteries and electric vehicles – to capture more of their value and boost their economies.

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UN development conference backs innovative ways to boost climate finance

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Climate Change

Pawa in Palau

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This week our powerful Pacific team is in Palau for the Pacific Islands Forum Leaders Meeting. This is a major moment in our campaigns for Pacific climate justice and to stop deep sea mining. So what’s it all about, what can we expect over the coming days, and why is this year’s meeting in particular so important? Read on to find out!

*Pawa is Melanesian word meaning collective power.

Meet Moemoana Schwenke, our Pacific Climate Campaigner

“When you love something deeply, you do everything you can to protect it.”

@greenpeaceap

For us in the Pacific, protecting our home is an expression of love. Follow our journey across the Pacific all the way to COP31 in Türkiye. Pacific voices continue to lead the call for climate justice champion our priorities and build a movement for a Fossil Fuel Free Pacific, from our islands to the world. Join the movement and follow the journey. @Moemoana Schwenke

♬ original sound – Greenpeace Australia Pacific

What is the Pacific Islands Forum (PIF)?

The Pacific Islands Forum, or ‘PIF’, is our region’s most important political organisation. It is where countries of the Pacific — including Australia and New Zealand — come together to collaborate on shared challenges and to set collective goals.

The PIF Leaders Meeting is an annual weeklong event that includes a dedicated meeting of the Pacific’s small island developing states (PSIDS), many special side events organised by Pacific civil society, the leaders’ meeting itself, and more. At the end of the week, leaders issue a Forum Communiqué, capturing what they have agreed on, their shared priorities and the actions they will take together.

This year’s meeting is being held in the beautiful northern Pacific nation of Palau, the same place our Pacific team gathered back in January to plan for the year.

Islands in Palau
© Hector John Periquin

What’s at stake this year?

Climate change has dominated the PIF for decades. Pacific leaders have been crystal clear it is their number one priority, and the annual gathering is the moment they can exert maximum pressure on Australia over its fossil fuel record.

The voyage to COP31

This year’s meeting comes less than three months before COP31, where Australia will take on the role of President of Negotiations — a role it has committed to undertaking in partnership with the Pacific — and less than a month before the ‘Pacific Pre-COP’, to be held in Fiji and Tuvalu.

Following a fraught round of mid-year negotiations in Bonn, PIF leaders will need to set out a clear vision and priorities for COP31. These include accelerating a just global transition away from fossil fuels, defending science as the foundation of international climate cooperation, and increasing the availability and accessibility of finance for renewable energy and climate adaptation.

Pictured left to right - 
- Dr Simon Bradshaw, COP31 Lead and report author, Greenpeace Australia Pacific
-Belyndar Rikimani, Campaigns and Research Lead, Pacific Islands Students Fighting Climate Change
-Shiva Gounden, Head of Pacific, Greenpeace Australia Pacific
© Greenpeace / Marie Jacquemin

Accountability for Australian fossil fuel exports

Since the last PIF Leaders Meeting, Australia has signed the Belém Declaration on the Transition Away from Fossil Fuels. The declaration reaffirmed the legally binding commitment to help limit global warming to 1.5°C and recognised that this is incompatible with new fossil fuel production. Yet, Australia has continued to approve new coal and gas projects, including at least five since the last PIF Leaders Meeting.

Barry Dick observes the community graveyard impacted by coastal erosion on Pele Island in Vanuatu.
© Niki Kuautonga / Greenpeace

What is Greenpeace doing?

We’re going big this year, taking six members of our team to Palau to support Pacific leaders to hold the line, hold Australia accountable, and show the world what’s at stake. We’ll lobby leaders, hold press conferences, share our messages with the world, and support our incredible local partners in Palau.

Members of the Greenpeace Pacific team at the Pacific Islands Forum leaders' meeting in Palau, 2026.

How can you get involved?

PIF is the first in a drumbeat of major moments where we’ll be carrying the voices of the Pacific to the world. Come October we’ll be voyaging to Fiji on our ship Oceania for the Pacific Pre-COP, and in November we’ll be off to Antalya for the world’s climate negotiations (COP31).

Learn more about the Pacific way to a fossil fuel free future by checking out our report and exhibition.

Follow our journey, and check back here for more ways to join the movement for climate justice. Together we have the pawa!

Pawa in Palau

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Climate Change

From firefighting to future-proofing: Preventing wildfires must be the priority

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Gill Einhorn is head of the Forest Future Alliance and Natalie Çilem is community lead of the Global Wildfire Leadership Network.

Wildfires have devastated communities across the world this summer, claiming lives, displacing thousands of people and leaving billions in economic damage in their wake. In Europe alone, wildfires have already caused an estimated €19 billion in losses this year.

They are an economic, financial and public health challenge that is growing faster than many governments and markets are prepared for – and exposing the real costs of poor land management.

A system built for recovery, not resilience

Far more money is currently spent responding to the disastrous effects of wildfires than preventing them in the first place. The United Nations Environment Programme estimates that more than half of wildfire-related spending goes towards response, while planning receives only around 0.2 percent. This problem is not limited to wildfires; over 95 percent of disaster aid between 2005 and 2017 was allocated to response, and less than 4 percent was directed towards prevention or preparedness.

Forests are critical, but without investment in how land is managed and protected, their value is neither stable nor guaranteed. Protecting forests requires investing not only in conservation, but in the conditions that keep forests standing.

    Each dollar invested in wildfire-resistant construction could save around $210 in avoided future economic losses, according to a report by the World Economic Forum and Forest Future Alliance. Despite this evidence that prevention can significantly reduce future costs, wildfire resilience remains chronically underfunded.

    This spending discrepancy is creating significant challenges for insurers, asset owners and financial institutions. Global insured losses from natural catastrophes reached $107 billion in 2025, with wildfires, floods and storms accounting for 92 percent of claims.

    In this context, insurers are reassessing where and how they are willing to underwrite risk. Around 56 percent of global wildfire losses between 2000 and 2023 were uninsured. In some high-risk areas, insurers are scaling back coverage altogether, leaving homeowners, businesses and governments to shoulder a growing share of the costs – making it increasingly difficult to break even.

    Proven solutions are already paying off

    In many regions, wildfires are driven not by natural causes but by the deliberate clearing of land for agriculture. Degraded landscapes are becoming drier, more flammable and increasingly vulnerable to catastrophic loss, creating a vicious cycle of deforestation, economic damage and rising emissions.

    The answer is not simply stronger firefighting capacity. Governments, investors and businesses must work together to shift capital upstream into prevention, resilience and long-term landscape stewardship of healthy forests. That means planting appropriately, investing in heat-resistant species, exploring approaches that minimise fire footprints through active management, and exploring the AI and technology solutions that are burgeoning.

    A burnt olive tree in an area affected by a wildfire in Ano Sichaina near Patras, Greece, August 14, 2025. REUTERS/Louiza Vradi

    A burnt olive tree in an area affected by a wildfire in Ano Sichaina near Patras, Greece, August 14, 2025. REUTERS/Louiza Vradi

    Solutions to this already exist and are proven to have an impact. Following devastating wildfires year-on-year, Portugal shifted its approach to wildfire management, increasing prevention spending within its national rural fire management system from around 20 percent in 2017 to approximately 60 percent in 2022. While many countries remain locked in a reactive cycle of disaster response, public policy can shift investment upstream and make resilience a priority before fires occur.

    Indigenous communities have long used proactive land stewardship to reduce wildfire risk while supporting healthy and productive landscapes. For example, the Cheslatta Carrier Nation in British Columbia traditionally managed fuels through cultural fire practices but now implements mechanised fuel removal methods under commercial agreements. By combining Indigenous stewardship with sustainable forest management, Cheslatta is generating community benefits while also boosting wildfire prevention.

    Resilience can also be strengthened through finance and technology. FireSat, a partnership led by Earth Fire Alliance with Google.org, the Gordon and Betty Moore Foundation and Muon, is a satellite constellation designed for rapid wildfire detection. Scanning every 20 minutes, it can detect fires 400 times smaller than current systems and track them through smoke and darkness in almost real time. In California alone, FireSat could prevent up to 350,000 acres from burning each year. It has recently received significant new investments allowing it to expand towards a constellation of more than 50 satellites that will monitor every point on Earth every 20 minutes or less.

    In Brazil’s Pantanal, the Embrace the Forest initiative uses AI-powered detection towers across 2.5 million hectares to support earlier intervention and faster response. During the severe 2024 fire season, the initiative contributed to a 40 percent reduction in burned area compared to 2020.

    A drone view shows burnt cars following a wildfire in Dymi, near Patras, Greece August 14, 2025. REUTERS/Louiza Vradi

    A drone view shows burnt cars following a wildfire in Dymi, near Patras, Greece August 14, 2025. REUTERS/Louiza Vradi

    These examples illustrate what is possible when resilience is treated as an investment priority rather than a recovery cost. But we must ensure funding for these measures is scaled before disaster strikes. Initiatives like the Global Wildfire Leadership Network (GWLN) are key, bringing together corporate decision-makers, investors, insurers, governments and Indigenous leaders to direct investment towards prevention and align finance, technology and stewardship to protect nature, safeguard communities and strengthen future economic stability. With a goal of doing more together than the sum of our parts, the network focuses on Forest Future Alliance GWLN Solutions Labs – where partners sign up with the intent to collaborate.

    Rewarding prevention

    Financial incentives must be created that reward prevention. This can be done by scaling public-private partnerships, supporting long-term landscape stewardship, investing in community capacity including Indigenous wisdom and technology. Ultimately, our terrestrial natural reserves are critical infrastructure that support resilient economies and thriving communities.

    One in three people are dependent on forest services, goods and economic opportunities for survival, so it’s in all our interests to protect what we have. Forests support cooling, water and food security – and are a very cost-effective way of removing carbon dioxide from the atmosphere, where done appropriately.

    UN chief warns climate crisis “in overdrive” as El Niño threatens to fuel the fire

    No sector can solve this challenge alone. The benefits of wildfire resilience are shared across communities, governments, insurers, investors, utilities and businesses. A single intervention can protect homes and livelihoods, reduce insurance claims, secure water supplies and lower future public costs. Because the benefits are shared, the solutions must be too. Coalitions of actors can take proven approaches further than any one individual or organisation could alone.

    As wildfires continue to burn at an unprecedented scale, the opportunity now is to roll out solutions, shift investment upstream and build a future where resilience, rather than recovery, becomes the foundation of thriving economies.

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    From firefighting to future-proofing: Preventing wildfires must be the priority

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    Guest post: Why tough methane cuts are crucial for keeping warming ‘well-below’ 2C

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    Methane is a powerful greenhouse gas and the second-largest contributor to global warming after carbon dioxide (CO2).

    Methane traps heat in the atmosphere more efficiently than CO2, but has a significantly shorter lifespan, fading after just a few decades.

    Therefore, reducing emissions of methane – a gas primarily produced by agriculture, fossil fuels and waste management – is a powerful option for limiting global warming in the near-term.

    Yet climate strategies and models often only focus on CO2, or combine all greenhouse gases into one metric known as “CO2 equivalent”.

    The latter approach makes reducing methane emissions dependent on modelling choices and assumptions about the “equivalence” of methane and CO2.

    It hides the opportunities and challenges linked to methane’s high warming and short lifetime.

    In a new study, published in Communications Earth & Environment, we offer a different perspective that “decouples” CO2 and methane reduction and takes global warming limits as a starting point for determining the required level of methane cuts.

    We show that, even under the most ambitious existing national net-zero targets, an absence of methane reduction leads to peak warming that exceeds 1.85C above pre-industrial levels.

    The study highlights that, to limit peak warming to well-below 2C, net-zero CO2 targets must be complemented by stringent methane emissions cuts.

    CO2 equivalent

    How much methane corresponds to one tonne of CO2?

    The question is as difficult to answer as: ‘how much spaghetti equals a chicken?’ You could compare the two meals according to their calories, protein content or cost. Each metric can be convenient, but is only valid for that specific comparison – no amount of spaghetti is the same as a chicken.

    The same is true for the conversion of emissions of methane and other gases to CO2-equivalent emissions. It can be convenient, as it allows different gases to be compared or combined into a single number. This is why the metric is used in climate targets or evaluating the effectiveness of different mitigation options.

    But, because methane and CO2 have different atmospheric lifetimes and warming properties, any conversion is only valid for a chosen time horizon and a chosen baseline.

    Depending on the assumptions baked into calculations, methane mitigation can either appear as an immediate priority or framed as almost unnecessary.

    There are a number of metrics that scientists use to convert greenhouse gases – whether methane, hydrofluorocarbons or nitrous oxide – into CO2-equivalent emissions:

    • “GWP20” measures how much heat a greenhouse gas traps in the atmosphere over a 20-year period, relative to CO2. It emphasises urgent methane mitigation but has been criticised for its implicit discounting of future damages.
    • “GWP100” looks at a 100-year timeline. It gives more weight to long-term warming and is used in “integrated assessment models” (IAMs) used by scientists, national emission reporting to the UN and by the GHG Protocol used by companies.
    • GWP*” considers the rate of emissions, rather than warming over a fixed time horizon. Under GWP*, very limited methane reductions bring CO2-equivalent emissions to zero, meaning remaining methane emissions can be designated as causing “no additional warming”. (This interpretation remains controversial as it assumes the continuation of historical levels of warming.)

    IAMs are the tools used to generate future emissions scenarios. Because they combine CO2 and methane emissions, the impact of methane emission cuts alone is difficult to isolate in existing emission scenarios.

    IAM-generated scenarios also assume mitigation decisions driven by costs. Combinations of CO2 and methane emission pathways that are not purely cost-effective are, therefore, not represented, even though climate policy is messy and emission pathways are rarely cost-effective in the real world.

    Only a few countries – including Japan, Mexico and South Korea – specify methane mitigation targets.

    A different approach

    In our study, we separate CO2 and methane emissions and treat them as independent.

    Instead of choosing a conversion method, we suggest that states and organisations set a limit on peak global warming first, then, based on their existing net-zero targets, determine the minimum compatible methane reduction target.

    Companies and countries around the world have set net-zero targets focused on CO2, as well as those that include all greenhouse gases. As a result, our research looks at the necessary methane reductions for both types of goal. We consider scenarios where companies or countries deliver linear – in other words, steady – emissions reductions to reach net-zero.

    Using a simple climate model, we systematically combined methane and CO2 (or greenhouse gas) mitigation pathways starting in 2025 and calculated peak warming.

    The figure below shows how peak warming depends on both the year of reaching net-zero CO2 and the level of methane cuts.

    Peak global warming relative to 1850-1900 reached until 2100 (50% likelihood), for combinations of the year of global net-zero CO2 emissions (x-axis) and the change in global methane (CH4) emissions between 2020 and that year (y-axis), assuming linear trajectories. Black lines are contours of equal peak warming. The three bars on the right show independent estimates of where CH4 emissions could or would land on the same vertical scale: CH4 mitigation available at no net cost (IEA, red), the 2030 mitigation potential (Global methane status report, orange), and the current legislation scenario for 2050 (Global methane status report, purple). Adapted from Weber et al. (2026).

    The blue arrows in the figure show that to limit warming to 1.7C under a 2050 net-zero CO2 scenario, methane emissions would need to fall by at least 69% by 2050, relative to 2020.

    Our research also finds that, if an organisation or country’s 2050 net zero-target covers all greenhouse gases, its methane emissions would need to fall by 63% instead.

    However, under current policies, methane emissions are expected to increase by around 20% by 2050, relative to 2020. We find that this pathway would result in peak warming above 2C by 2050 – even if global CO2 emissions were to reach net-zero by that date (see purple bar on the right-hand side of the figure above).

    The figure also shows how, if methane emissions remained at 2020 levels and net-zero CO2 was delivered by 2040 or later, warming would exceed 1.85C. This level of warming is above what has been argued as consistent with the Paris Agreement’s “well-below” 2C limit.

    Conversely, cutting methane emissions by around one-third – in line with the Global Methane Pledge target for 2030 – could reduce peak warming by 0.15C, of which 0.05C could be delivered by interventions that come at no net cost. These are shown by the orange and red bars, respectively, on the figure above.

    The table below highlights the minimum compatible methane cuts for three different peak warming levels and net-zero CO2 or greenhouse-gas emission targets.

    Peak warming Year of net-zero CO2 emissions Year of net-zero greenhouse-gas emissions
    2050 2060 2100 2050 2060 2100
    1.7C -69% -63%
    1.8C -32% -56% -11% -47%
    2C +8% -8% -83% >50% +33% -78%

    Minimum methane emission reductions between 2020 and the year of net-zero emissions, consistent with peak warming of 1.7C, 1.8C, and 2.0C at 50% likelihood, assuming linear emission trajectories. For some net-zero targets and peak warming levels, there are no compatible methane mitigation targets (indicated by “–”).

    Remaining carbon budget

    The global carbon budget refers to the amount of cumulative CO2 emissions allowable while still meeting a particular global warming threshold.

    The 2021 climate science report from the Intergovernmental Panel on Climate Change (IPCC) and a 2023 Nature study estimated that, by 2025, the remaining carbon budget for holding warming to 2C would be around 1,000-1,150bn tonnes of CO2 (GtCO2).

    We find that these estimates are founded on the assumption of methane reductions of 27-35% by 2050, relative to a 2020 baseline. (A 2024 Communications Earth & Environment study reached similar conclusions.)

    Under the GWP* metric, where methane emissions are only cut to maintain “no additional warming”, the remaining carbon budget would be constrained. The best estimate of a 2C budget shrinks by around 30% to approximately 750GtCO2.

    Finally, if methane emissions are not cut at all in the future, our findings suggest that the remaining carbon budget for 1.7C of global warming has, in effect, already been exhausted.

    Our analysis shows how peak warming depends on both CO2 and methane reduction – and how methane-specific targets can help refine existing net-zero targets.

    Crucially, we show that complementing net-zero CO2 targets with stringent methane cuts is necessary to limit peak warming to well-below 2C.

    Weber, K. et al. (2026) Limiting warming by CO2 and methane mitigation in an expanded scenario space, Communications Earth & Environment, doi:10.1038/s43247-026-03832-1

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