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🗞️ Driving the news: Eric Usher, Head of UNEP FI, outlined five negotiation outcomes ahead of COP30 in Belém that could reshape global climate finance
• These include: investable national climate plans, a clear roadmap for the new global finance goal (NCQG), sustainable investment standards, operational carbon markets under Article 6, and reforms to multilateral development banks
• Together, these pillars will determine how effectively capital flows toward climate action in the coming decade
🔭 The context: At COP29, governments agreed on a new finance goal of $300 billion annually for developing countries by 2035, with ambitions to scale to $1.3 trillion
• However, trust in climate finance remains fragile due to past shortfalls
• COP30 will be the first test of whether this commitment translates into a credible, actionable pathway, while also aligning with updated national climate pledges (NDCs) due in 2025
🌍 Why it matters for the planet: Clear investment pathways and credible finance mechanisms are essential to accelerate renewable deployment, adaptation, and ecosystem protection in vulnerable economies
• Operational carbon markets could channel billions into mitigation, but only if integrity safeguards prevent greenwashing
• MDB reforms are critical to unlocking private co-investment at the scale required for a just transition
⏭️ What's next: Negotiators will spend the run-up to COP30 defining the “Baku to Belém Roadmap,” which must specify sources, instruments, and timelines for mobilising finance
• Updated NDCs will be scrutinised for their investability, while pilot projects under Article 6 will test carbon market credibility
• MDB governance reforms are expected to feature prominently at IMF/World Bank meetings ahead of COP30
💬 One quote: “The credibility of COP30 will depend less on new text and more on whether finance is mobilised at scale and directed toward real, investable climate outcomes,” wrote Eric Usher, UNEP FI
📈 One stat: The new NCQG aims to mobilise $300 billion annually by 2035, scaling toward a global ambition of $1.3 trillion per year for climate action
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