Brazil Sets COP30 Agenda With Bold Calls for Climate Action

Finance and fossil fuels: The challenges ahead

A major theme of Brazil’s vision for COP30 is the need to scale up climate finance.

The letter highlights that while negotiations at COP29 failed to deliver an adequate new global climate finance pledge, the upcoming summit must ensure funding flows reach “the needed trillions by the 2030s.”

Catherine Abreu, Director of the International Climate Politics Hub, believes that Brazil will need to navigate a difficult financial landscape in its climate fight.

“Brazil will have to weave a difficult thread through declining public finance, with rich countries cutting their overseas development assistance, and the urgent need to harness more private finance while not letting rich countries off the hook,” she says.

On fossil fuels, Brazil’s proposal to host a “frank conversation” on climate ambition could prove contentious.

Catherine emphasises that “the production and combustion of coal, oil and gas is fuelling the climate crisis,” warning that the success of Brazil’s reflection process will depend on its ability to enforce global commitments on renewable energy expansion and fossil fuel phase-out.