Overview
- In Belem, negotiators put adaptation front and center, with a U.N. estimate placing developing countries’ needs at up to $310 billion per year by 2035.
- India, speaking for BASIC and LMDC, pressed for a universally agreed definition of climate finance and full implementation of Paris Agreement Article 9.1 after Brazil removed the item from the agenda and scheduled a special stocktake.
- The Fund for Responding to Loss and Damage remained a focal point, with guidance, eligibility and disbursement rules still to be finalized before it can deliver support.
- Public finance signals included multilateral development banks reaffirming adaptation lending, Germany and Spain pledging $100 million to the Climate Investment Funds, and a WMO‑backed facility preparing a $200 million impact bond by 2026.
- Weak major‑power engagement, including leader absences and the U.S. administration’s declared Paris exit, fueled doubts about the COP process and its ability to secure a comprehensive finance outcome.