Overview

• Andre Correa do Lago, the newly appointed COP30 president, criticized wealthy nations for attempting to reduce their financial contributions to climate change mitigation and adaptation efforts.
• The U.S. withdrawal from the Paris Agreement under President Donald Trump complicates global efforts to meet climate finance targets, especially the pledged $300 billion annually by 2035.
• Developing nations argue that $1.3 trillion per year is needed for a meaningful transition to clean energy, far exceeding current commitments from wealthier countries.
• China was praised for its significant contributions to global climate progress, particularly through lowering the costs of solar panels and electric vehicles, which benefit developing nations.
• Brazil, hosting COP30 in the Amazon city of Belem, plans to leverage forums like BRICS to strengthen unity among developing countries in demanding increased financial contributions from historically high-emitting nations.