On January 23, amidst world leaders' wrestling with the U.S. exit from the Paris Agreement, Brazil – hosting this year’s COP30 global climate summit – sees an opportunity to amplify the voices of developing nations in the imminent dispute over funding the global shift to cleaner energy sources.
At last year’s summit in Azerbaijan, an encounter between affluent nations and lower-income countries resulted in a commitment from wealthier nations to supply $300 billion annually to aid developing nations by 2035, tripling the current goal of $100 billion. However, this figure falls significantly short of the $1.3 trillion per year requested by developing countries. The contention is expected to persist this year.
Expressing the challenges ahead, COP30's newly appointed president, Andre Correa do Lago, remarked in an interview with international media outlets that the U.S.'s participation was essential in reaching the $300 billion target. He acknowledged that the U.S. has now adopted new climate change policies under President Joe Biden, enhancing financing through multilateral development banks like the World Bank. Nevertheless, Correa do Lago anticipates obstacles in boosting climate finance following the U.S. withdrawal.
Despite these hurdles, Correa do Lago emphasized the solidarity among developing nations in resisting calls from wealthy nations to broaden the financial supporter base for climate change efforts worldwide. Calls have been made on countries such as China and Gulf states – significant polluters and affluent economies – to provide mandatory contributions for mitigating climate change impacts, a notion challenged by Correa do Lago.
Moreover, the dynamics of the forthcoming global climate summit have been recalibrated following the U.S. withdrawal. Historically, the U.S., the European Union, and China have been pivotal in negotiating COP meeting outcomes. China's climate envoy, Liu Zhenmin, referenced the expectation for the EU and China to cooperate in light of the U.S. departure from the Paris Agreement.
Correa do Lago highlighted the BRICS group – comprising Brazil, China, and other emerging economies – as a platform enabling Brazil to rally support among developing nations for continued pressure on affluent nations to increase contributions.
Lastly, Correa do Lago defended the initiatives undertaken by emerging economies to combat climate change using their own resources, citing Brazil’s forest preservation efforts and China's significant investments in clean energy technology, such as solar panels and electric vehicles, which he deemed more impactful than symbolic gestures.