A key focus of COP30 is the urgent need for a robust climate-financing mechanism. Developing nations are advocating a system that would require developed countries to contribute up to $1.3 trillion annually by 2035.
Highlights of the proposed framework:
- Binding multi-year financial commitments from developed nations
- Funds earmarked specifically for mitigation, adaptation, and climate-related loss and damage
- Gradual phase-out of fossil-fuel subsidies
- Strong accountability and verification mechanisms
Global South leaders emphasize that without this financial backing, climate promises risk being empty declarations, highlighting decades of inequitable responsibility for emissions.
References:
- Brazil News / Xinhua. COP30 summit urged to propel global climate governance into new stage. 2025. Link
