Overview
- The UN climate conference runs 10–21 November in Belém, with negotiations centered on updated national contributions for 2035, a faster transition away from fossil fuels, and accelerated action on methane and heavy industry.
- EU governments agreed a compromise that keeps a 90% emissions‑cut goal for 2040 while allowing up to 5% international carbon credits—potentially rising to 10% on review—and delaying the extension of carbon pricing for buildings and road transport to 2028, drawing NGO criticism.
- Climate finance shows recent gains as the Green Climate Fund reports a record $3.26 billion this year and the OECD judges the $100 billion annual goal likely reached in 2023, following last year’s new collective target of $300 billion per year by 2035.
- Brazil’s Lula advances the Tropical Forest Forever Facility, targeting $125 billion for forest protection and already reporting more than $5 billion in early pledges, including $3 billion from Norway, as official data show Brazilian Amazon deforestation down 11% year on year to its lowest since 2014.
- Momentum on methane includes a new $100 million commitment from Bloomberg Philanthropies, and over 400 local elected officials signed an ECF‑backed text pledging to implement the Paris Agreement at the local level.