The urgency to escalate financial commitments towards combating climate change within urban centers for COP30.
In the heart of Brazil, Belém is preparing to host COP30, a crucial gathering aimed at elevating cities to the center of global climate negotiations. This event comes on the heels of COP29 in Baku (2024), where parties agreed on a New Collective Quantified Goal (NCQG) to triple annual climate finance for developing countries to USD 300 billion and scale total public and private climate finance to at least USD 1.3 trillion annually by 2035 [1][2].
The focus of COP30 is the development of a comprehensive roadmap to scale climate finance over the next decade, with a particular emphasis on the needs of developing countries where urban infrastructure requires urgent green transformation [2][3]. This roadmap, known as the Baku to Belém roadmap, draws on input from a broad range of stakeholders, including nations and civil society, to align finance flows with Nationally Determined Contributions (NDCs) and National Adaptation Plans (NAPs) [1][3].
Recent preparatory talks, such as those in Bonn in June 2025, have seen constructive discussions on adaptation finance and strategies to mobilize public and private resources to close the substantial finance gap [3][4]. Adaptation finance, essential for urban resilience against climate impacts, remains underfunded, with only about 10% of developing countries’ adaptation needs being currently met internationally [2][4].
Key points of progress and ongoing challenges at COP30 include:
- The development of a detailed finance roadmap to mobilize USD 1.3 trillion annually by 2035, encompassing urban mitigation and adaptation investments [2][3]. - Enhanced focus on coordinating finance flows with countries’ urban climate strategies to ensure that funds effectively support greener transportation, energy systems, and building infrastructure [1]. - Recognition that carbon markets and cooperative approaches under the Paris Agreement’s Article 6 can channel additional funding to urban climate projects, potentially unlocking billions in revenue for sustainability programs [1]. - Growing momentum on adaptation finance, with calls, especially from Least Developed Countries (LDCs), to significantly increase funding commitments by 2030 to support urban resilience [4]. - Continued challenges in balancing public and private finance sources, given that private sector adaptation finance remains more limited than anticipated, necessitating stronger public finance and policy frameworks to de-risk investments in urban green infrastructure [2][4].
In conclusion, COP30 in Belém serves as a pivotal forum to finalize and endorse concrete strategies for scaling urban climate finance. These strategies aim to accelerate the transformation of transportation, energy, and building sectors toward sustainability in developing countries, with an emphasis on robust public funding and innovative market mechanisms [1][2][3][4]. The success of COP30 will be crucial in achieving global climate goals, particularly for the most vulnerable urban populations.
- Belém, as it prepares to host COP30, aims to establish a decisive platform for cities to lead in global climate negotiations, following COP29's agreement to triple annual climate finance for developing countries.
- The Baku to Belém roadmap, a integral part of COP30, will outline a comprehensive strategy to scale climate finance over the next decade, addressing the urgent needs of developing countries in transforming urban infrastructure towards sustainability.
- Previous discussions, like those in Bonn in 2025, have highlighted the importance of adaptation finance, a vital element for urban resilience against climate impacts, which is currently underfunded, with only about 10% of developing countries' adaptation needs being met internationally.
- COP30 will tackle the challenge of balancing public and private finance sources to de-risk investments in urban green infrastructure, given the limited private sector adaption finance, and encourage the role of carbon markets and Article 6 cooperative approaches under the Paris Agreement to unlock billions for urban climate projects.
- The gathering in Belém will stimulate calls for increased funding commitments for adaptation finance by 2030, particularly from Least Developed Countries (LDCs), to support urban resilience, and emphasize the need for robust public funding and innovative market mechanisms.
- In pursuit of global climate goals, COP30's success will be crucial in achieving urban transformation of transportation, energy, and building sectors towards sustainability in developing countries, with a strong focus on creating green jobs and fostering a circular economy.
- As COP30 finalizes and endorses strategies for scaling urban climate finance, its impact will be felt most significantly by the most vulnerable urban populations, as it accelerates progress on biodiversity conservation, climate change mitigation, and adaptation, in line with the Sustainable Development Goals (SDGs), while integrating environmental-science and finance investment for a sustainable future.
