COP30 President Advocates for Urgent Acceleration of Climate Finance

André Aranha Corrêa do Lago, President of COP30, calls for accelerating a US$1.3 trillion climate finance flow to combat climate change effectively. He urges global leaders to prioritize immediate action and implement structural financial reforms. Key priorities include aligning financial flows with the Paris Agreement, transitioning from fossil fuels, and protecting ecosystems such as the Amazon.

The President of the 30th United Nations Climate Change Conference (COP30), André Aranha Corrêa do Lago, has urged global leaders to expedite the distribution of US$1.3 trillion in climate finance to combat climate change. He stressed this demand in an open letter addressed to governments, financial institutions, multilateral development banks (MDBs), and the private sector, highlighting the urgency ahead of the COP30 gathering in Belem, Brazil, later this year.

Lago noted that although climate finance commitments have increased, the actual disbursement remains sluggish, which adversely affects developing nations facing severe climate challenges. He emphasized that aligning global financial flows with the terms of the Paris Agreement requires a fundamental transformation in fund mobilization and allocation methodologies, ultimately ensuring resources reach those in dire need.

He stated, “The time for small steps is over. We need concrete, large-scale action that ensures financial resources reach those who need them the most, particularly in developing nations facing severe climate impacts.” Lago called upon major economies and MDBs to establish faster and more effective mechanisms for climate finance delivery.

To facilitate meaningful progress at COP30, Lago outlined five strategic priorities: 1) Aligning global financial flows with the Paris Agreement; 2) Tripling global renewable energy capacity by 2030; 3) Doubling energy efficiency efforts across sectors; 4) Transitioning away from fossil fuels; and 5) Protecting and restoring forests, particularly vital ecosystems such as the Amazon.

In conclusion, COP30 President André Aranha Corrêa do Lago has made a compelling appeal for increased climate finance to address global climate change challenges, emphasizing the need for immediate and significant action. With Brazil hosting this pivotal conference, it is essential that major economies align their financial strategies with sustainable development goals, prioritize renewable energy investments, and ensure ecological protection, particularly of critical areas like the Amazon. Concrete steps toward these goals are necessary for tangible climate action moving forward.

Original Source: indonesiabusinesspost.com