In an open letter addressed to governments, financial institutions, multilateral development banks (MDBs), and private sector, President of the 30th United Nations Climate Change Conference (COP30) André Aranha Corrêa do Lago has called on world leaders to accelerate the flow of US$1.3 trillion in climate finance to support global efforts in combating climate change. 

He emphasized the need for immediate action to meet international climate goals, particularly in the lead-up to the COP30, which will be held in Belem, Brazil, this year.  

Lago underscored that while climate finance commitments have increased in recent years, the pace of disbursement remains inadequate, posing significant challenges for developing countries that are most vulnerable to climate change. He stressed that to align global financial flows with the Paris Agreement's objectives, there must be a radical transformation in how funds are mobilized and distributed.  

"The time for small steps is over. We need concrete, large-scale action that ensures financial resources reach those who need them the most, particularly in developing nations facing severe climate impacts," Lago said in a statement on Thursday, March 13, 2025. 

He called on major economies, financial institutions, and MDBs to develop mechanisms that will enable faster and more efficient climate finance delivery.  

The COP30 president outlined five strategic priorities that must be addressed to ensure meaningful progress at the upcoming climate summit:  

1. Aligning Global Financial Flows with the Paris Agreement: Climate finance must be distributed more equitably, ensuring that funds reach developing nations that are at the frontline of climate impacts.  
2. Tripling Global Renewable Energy Capacity by 2030: Governments and financial institutions should prioritize investments in renewable energy projects to replace fossil fuel dependence.  
3. Doubling Energy Efficiency Efforts: Enhancing energy efficiency measures in industries, transportation, and households is crucial for reducing emissions.  
4. Transitioning Away from Fossil Fuels: The world must phase out fossil fuels while ensuring a just transition for communities dependent on the industry.  
5. Protecting and Restoring Forests: Deforestation, particularly in key ecosystems such as the Amazon, must be curbed through sustainable policies and enforcement.  

Brazil’s role

As host of COP30, Brazil is positioning itself as a leader in climate diplomacy, particularly in advocating for the protection of tropical forests and securing financial commitments for sustainable development.  

Brazil’s Minister of the Environment and Climate Change, Marina Silva, reinforced the urgency of action, describing Lago’s letter as a critical push to ensure that climate finance is not just pledged but delivered effectively. She also highlighted Brazil’s proposal for a Global Ethical Stocktake (GES) − a new framework aimed at reinforcing the Paris Agreement’s goal of limiting global temperature rise to 1.5°C.  

“The Global Ethical Stocktake will serve as a mechanism to hold nations accountable and ensure they uphold their climate commitments. It’s time to bridge the gap between promises and actual implementation,” Silva said.  

Expert reactions

Climate experts and activists have welcomed Lago’s call for accelerated climate finance, but warned that without deep structural reforms, the current financial system may not be able to meet the growing demands of climate action.  

Kjell Kühne, Director of the Leave it in the Ground Initiative (LINGO), stressed the importance of integrating climate risks into financial decision-making. He called on institutions such as the International Monetary Fund (IMF) and central banks to incorporate environmental costs into their economic models.  

“The financial system still does not account for the true costs of climate change. Governments and institutions must overhaul the way climate risks are factored into lending, investment, and insurance policies,” Kühne said.  

Toya Manchineri, General Coordinator of the Coordination of Indigenous Organizations of the Brazilian Amazon (COIAB), expressed concerns over the continued expansion of fossil fuel projects. He warned that without a full transition away from fossil fuels, efforts to protect the Amazon rainforest − one of the world’s most vital carbon sinks − would be in vain.  

“You cannot save the Amazon while still extracting oil and gas. A complete fossil fuel phase-out is necessary to ensure the long-term survival of our ecosystems,” he said.  

Road to COP30

With COP30 set to take place in Belem, a city in the heart of the Amazon, Brazil is under international scrutiny to deliver concrete results. The conference is expected to focus heavily on climate finance, deforestation, and the role of the Global South in leading sustainable development.  

Climate Observatory Executive Secretary Marcio Astrini described COP30 as a potential turning point in the global fight against climate change, calling on Brazil to take a proactive role in securing meaningful commitments from major economies.  

“The world is watching. COP30 is a crucial opportunity for Brazil to set an example and push for ambitious climate policies. We need more than discussions − we need binding agreements that will drive real change,” Astrini said.