COP30 targets $1.3 trillion a year by 2035
By the AFREEQUE newsroom, based on Expresso das Ilhas
The Brazilian presidency of COP30 has presented a plan to mobilise $1.3 trillion a year by 2035 to finance climate action in developing countries. The scheme seeks to close an annual funding gap estimated at $840 billion, according to the COP30 presidency.
The Brazilian strategy combines public funds from developed countries, private investment and new international taxes on great fortunes and fossil fuels, divided among six sources of financing. Private capital is expected to provide the largest share, with $882 billion a year expected through public guarantees, insurance and foreign exchange risk-hedging mechanisms, according to the Brazilian COP30 presidency.
Public aid from rich countries and multilateral financial institutions is expected to more than double to reach $384 billion a year. The plan also provides for up to $129 billion in additional funding through levies on billionaires, financial transactions, aviation and oil.
The document was presented by André Corrêa do Lago, ambassador and president of COP30, on the eve of the opening of COP31 in Antalya, in Turkey. Brazil notably enlisted economist and Nobel laureate Esther Duflo, as well as Nicholas Stern and Gabriel Zucman, to define ways of mobilising this funding.
