COP30 President Urges Wealthy Nations to Fulfill Climate Finance Commitments

With the U.S. withdrawing from the Paris Agreement again, Brazil aims to amplify developing nations' demands for greater financial support at the upcoming climate summit in the Amazon.

• 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.

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CNA