COP30 President: Baku-Belem Roadmap will help attract funding for climate change action

The Baku-Belem Roadmap is expected to become the foundation for attracting funding to support a low-carbon economy and climate resilience in developing countries, André Corrêa do Lago, President of COP30 and Deputy Minister of Foreign Affairs of Brazil for Climate, Energy, and Environment, said, according to Report.

Corrêa do Lago emphasized the commitment of both Brazil and Azerbaijan to collaborate on implementing the roadmap, aimed at boosting climate finance for developing nations.

"Using COP28 as a starting point, and then under Azerbaijan's leadership at COP29, we have finalized the Paris Agreement's rulebook in 2024. We also adopted the 'Baku Pact on Climate Unity,' which includes a cornerstone decision on the new collective quantified goal on climate finance (NCQG). The future COP30 presidency aims to collaborate with COP29 to implement the 'Baku-Belem Roadmap to $1.3 Trillion' to increase climate finance for the needs of developing countries," the COP30 President said.

He highlighted that a critical aspect of COP30 will be focusing on adaptation alongside mitigation in the fight against climate change.

The deputy minister also pointed out that the COP30 presidency calls for all parties to work together: "The goal is to ensure an increase in financing for developing countries to address climate change, attracting funds from both public and private sources, to at least $1.3 trillion per year by 2035."

The COP30 President also advocates for multilateral development banks and international financial institutions to support ambitious plans to combat climate change.