Belém, Brazil, The long-awaited release of the 'Baku to Belém Roadmap to US 1.3 trillion' for climate finance has not pushed forward the accountability of developed countries to deliver promised public finance for climate action in developing countries.
Carolina Pasquali, Executive Director, Greenpeace Brasil: "The inequalities left behind by the inadequate climate finance goal agreed at COP29 have not been resolved with this roadmap – we still need significantly more public finance for mitigation, adaptation and loss and damage."
"While the roadmap rightly recognises the gap in concessional finance, including for nature and providing direct access to Indigenous Peoples and local communities, it does not go far enough in holding developed countries accountable. We still need to see the money for real support to developing countries if we are serious about climate justice."
Agreed at last year's UN Climate Conference (COP29), the Baku to Belem Roadmap is an initiative overseen by the COP29 and COP30 presidencies - Azerbaijan and Brazil - to develop a concrete pathway for 'scaling up' to at least USD 1.3 trillion annually in climate finance for developing countries by 2035.
The roadmap is supposed to detail strategies to increase climate finance to developing countries to support low greenhouse gas emissions and climate-resilient development pathways and implement the climate action plans (NDCs) and national adaptation plans.
Rebecca Newsom, Global Political Expert, Greenpeace International said: "It's notable that the Roadmap recognises new taxes and levies as key to unlocking public climate finance. Given reported profits from just five international oil and gas giants over the last decade reached almost US$ 800 billion, taxing fossil fuel corporations is clearly a huge opportunity to overcome national fiscal constraints.
"The roadmap's recognition that the UN tax convention provides an opportunity to raise new sources of concessional climate finance is also highly welcome, and is an opportunity governments must now seize. "
"Governments must now build on the roadmap through an agenda item at COP30 that drives forward tangible action on public international climate finance, while sending a powerful signal that they are ready to make polluters pay for the climate damages they have caused."[1]
