The mission of articulating more ambitious financial goals and mobilizing resources to tackle the climate crisis, especially for the most vulnerable countries, has been left for COP30 in Belém in 2025. This is because the 29th UN Climate Conference (COP29), which took place in Baku, Azerbaijan, did not do what was expected, which was to define a new fair climate finance goal.

Thus, COP30 or the Amazon COP, which was already important, has become essential: in Baku, the Baku to Belém Route was created, an initiative with the heroic mission of mobilizing US$ 1.3 trillion per year by 2035. This amount is what developing countries are asking for so that they can face extreme and dangerous climate events, since they are the ones that contribute the least to the planet's pollution and suffer the most from its effects.

The Baku to Belém Route represents hope for increasing climate finance and accelerating the transition to a more sustainable future. However, the success of this initiative will depend on the commitment of all stakeholders involved in working together to face the challenges of the climate crisis.

“It is with a great sense of responsibility and aware of the enormous collective challenge that is being presented to us, that Brazil receives from Azerbaijan the designated presidency of the Conference of the Parties. We know how we got here and we know the challenges that lie ahead for each of us,” said Environment Minister Marina Silva on Saturday, the 23rd, even before learning of this heroic task that falls to Brazil from now on.

The objectives:

The Baku to Belém Route is an action plan that involves several stakeholders, such as governments, financial institutions, the private sector and civil society, with the objective of:

Mobilizing resources: Attracting public and private investments for climate projects in developing countries.

Diversifying sources of financing: Exploring different financing mechanisms, such as donations, loans, debt instruments and private investments.

Strengthen the capacity of developing countries: Provide technical and financial support so that developing countries can develop and implement their climate projects.

Increase climate ambition: Encourage countries to present more ambitious targets for reducing emissions and adapting to climate change.

Why is it important?

Urgent need for financing: Developing countries need substantial financial resources to implement their climate actions and adapt to the impacts of climate change.

Climate inequality: Developing countries are the most vulnerable to the impacts of climate change, despite having contributed least to the problem.

Economic opportunities: Investing in climate actions can generate jobs, stimulate innovation and promote sustainable development.

The hope is that at COP30, which is taking place, this action plan will be implemented with clear goals and defined deadlines.

Source: Pará Terra Boa