Brazil views a chance to enhance the representation of developing countries in the forthcoming climate finance discussions, according to statements made by the leader of the global COP30 summit. The South American nation is set to host the climate summit this year.
These comments from Andre Correa do Lago come at a time when the world is processing the shockwaves sent by Donald Trump, with his announcement to withdraw the United States from the Paris Agreement.
Also read: Trump Withdraws US from Paris Climate Agreement for Second Time
This is one among the many major climate related and energy related decisions Donald Trump has announced.
According to Reuters, Correa do Lago said that the negotiations will be likely more difficult at the COP30 summit than those from the previous year. This was when the United States was actively involved in implementing policies to combat climate change.
Rising Tensions Over Climate Finance Commitment
Scheduled to take place in November in the Amazon city of Belem, COP30 will attempt to address some specific issues. The discussions at the climate conference will include the dispute over who will finance the transition of poorer economies to cleaner energy.
At last year’s summit in Azerbaijan, a fierce conflict arose between wealthy and developing nations, resulting in a commitment from affluent countries to contribute $300 billion annually by 2035 to assist with the transition and address its effects.
This topic was a conflict at the previous COP. A conflict arose between wealthy and developing nations regarding the climate finance target. Climate finance was the primary discussion at COP29. The conflict ultimately ended with the rich nations committing to contribute $300 billion annually by 2025.
But the commitment only represents a fragement of the $1.3 trillion per year. This is the amount that is necessary, according to claims made by developing nations. Correa do Lago pointed out that wealthy nations are looking to reduce their financial contributions. He said that this was “deeply incorrect”, according to Reuters.
The head of COP30 mentioned that Brazil aims to leverage its current leadership of the BRICS group of developing nations to create a unified stance among these countries, enhancing their negotiating power in advance of the Belem climate discussions.