The urgency is clear: to reverse the dangerous trajectory of global warming, we need a clear, just and accelerated transition away from fossil fuels. Yet at COP30, the debate on how to promote it barely managed to keep up in the negotiations and, at times, simply disappeared from the table.
- Economy: The PF will decide the confrontation after the testimony of Vorcaro, director of the BC and former president of the BRB
The financial impasse is just as deep. Without large-scale resource flows and predictability, no country can plan – let alone implement – the necessary transformations. Belém even brought new commitments, but they have been diluted over the course of a decade – a pace that does not respond to the accelerating progression of extreme weather events. Adaptation financing, although it has finally gained ground, is still far from addressing the problem.
- State: Correios’ recovery plan provides for the closure of a thousand agencies and the dismissal of 15,000 employees
In this scenario, it is worth highlighting something that has gone almost unnoticed in the public debate: Brazil has presented a series of concrete proposals to address the structural deficit in climate finance. The international fund to finance the preservation of tropical forests, TFFF, a Brazilian idea with interesting financial engineering, has mobilized $6.6 billion at a time of low tide for multilateralism. Reaching more than a quarter of the initial $25 billion goal is in itself extraordinary.
Another relevant development was the launch of 13 national climate finance platforms (Cambodia, Colombia, Dominican Republic, India, Kazakhstan, Lesotho, Mongolia, Nigeria, Oman, Panama, Rwanda, South Africa and Togo), in addition to a regional platform for small island states in Africa. The initiative was accompanied by the announcement of the Country Platforms Hub, aimed at accelerating the development of good projects and seeking sources of financing.
Led by Brazil, in partnership with the Green Climate Fund (GCF) and several international coalitions, the Hub ushers in a new – more mature – form of international collaboration: support systems that respond to country priorities, not the other way around. With a steering committee comprised primarily of developing countries and initial funding of approximately US$4 million, the Hub will connect countries to the technical assistance, knowledge and capital needed to turn climate ambition into real investment portfolios.
In the Brazilian case, this effort is linked to initiatives already under development which have gained visibility in Belém. The Brazilian Platform for Climate Investments and Ecological Transformation (BIP) – whose secretariat is BNDES – seeks to consolidate projects, reduce risks, guarantee governance and structure pipelines capable of attracting large-scale public and private investments. Ecoinvest completes this movement by aligning investments with the sustainable taxonomy, strengthening the link between strategic sectors, decarbonization, restoration and the bioeconomy.
These initiatives alone do not solve major global challenges, but they open a concrete path: strong national platforms, articulated with reformed international mechanisms, can transform climate ambition into real investments – particularly in emerging and vulnerable countries.
COP30 therefore deepened essential debates and placed Brazil in a position to lead part of the agenda. If carried out well, Brazilian initiatives can become the seeds of a financial architecture compatible with the challenges of the 21st century – and, if we consolidate this momentum, perhaps the cup will finally begin to fill at the pace that the world demands.
*Rogério Studart is an economist, advisor to the ICS Economy and Climate Hub and former director of the IDB and the World Bank for Brazil.
About The Author
