COP30 Launches in Belém with Ambitious $1.3 Trillion Climate-Finance Goal

COP30 opens in Belém with a $1.3 trillion annual climate-finance target

The United Nations Climate Change Conference, COP30, began its formal proceedings in Belém, Brazil, as roughly 70 heads of state, government leaders and senior envoys arrived for leadership meetings ahead of two weeks of negotiations. Notably absent are several major powers — including China, the United States, India and Russia — a gap that has prompted questions about global leadership on the climate agenda.

Those initial leadership discussions will shape negotiations involving about 143 international delegations striving to agree on a roadmap to mobilize $1.3 trillion annually for climate action in developing countries. The funding target aims to cover rising costs for adaptation and mitigation and to strengthen support mechanisms for loss and damage in the world’s most vulnerable nations.

Key finance questions and Brazil's proposal

A central challenge remains: while the roadmap sets the $1.3 trillion goal, it is unclear which public and private sources will provide the funds and how resources will be allocated between grants, concessional loans and private capital. Financial issues are therefore expected to dominate the opening sessions.

Host country Brazil has tabled a comprehensive proposal calling for deep reform of multilateral lending, stronger private-sector participation and new instruments to integrate carbon markets and lower the cost of green capital. Major elements include:

• Sustainable Sovereign Bonds to unlock low-cost capital for national climate programs;
• Eco Invest Brazil, a program to attract private investment into sustainable infrastructure;
• A coalition to link and harmonize carbon markets and a proposed global classification system to make sustainable investments comparable across countries;
• The Tropical Forests Forever Global Fund, envisioned as the largest dedicated forest-protection mechanism.

The Tropical Forests Forever Global Fund aims to protect nearly 1 billion hectares across 70 countries using a blended finance model: an initial $25 billion in public contributions would be leveraged up to four times through bond operations, potentially reaching about $125 billion in total resources directed toward forest conservation.

Coordination and logistics

Brazil also proposes a new Circle of Finance Ministers, an international coordination forum to guide implementation of the roadmap toward the global $1.3 trillion annual objective. Delegates caution that negotiations will be complex: without clear targets and credible delivery mechanisms, they warn, the climate transition cannot proceed within the timeframes scientists say are necessary.

Belém has completed multiple infrastructure upgrades to host technical delegations; some works are continuing. During the summit the city has been granted symbolic status as Brazil’s capital until the conference concludes on Nov. 21.

For security, President Luiz Inácio Lula da Silva signed a decree authorizing the use of armed forces in Law and Order Guarantee operations (GLO) at the request of Pará Governor Helder Barbalho — a step that follows procedures used for previous major international events in Brazil, including the G20 and BRICS meetings.

As negotiations proceed, attention will focus on turning ambitious financial architecture proposals into actionable commitments that identify funding sources, allocate risk appropriately between public and private actors, and ensure funds reach the most vulnerable communities.