Baku-to-Belém Roadmap Fails to Deliver Promised Plan to Scale-Up Climate Finance
For immediate release
The Baku-to-Belém roadmap, launched by the COP29 and COP30 presidencies, is not the promised plan to scale up climate finance and rich countries must come to COP30 ready to deliver one.
Today, COP29 and COP30 presidencies released the Baku-to-Belém roadmap, which aims to scale up climate finance to developing countries to at least US$1.3 trillion annually by 2035.
In response, Bronwen Tucker, Public Finance Manager at Oil Change International, said:
“The Baku-to-Belém roadmap is not the promised plan to scale up climate finance and rich countries must come to COP30 ready to deliver one. If the EU, UK and Canada are serious about climate leadership and multilateralism, they must show they will meet their fair share of public climate finance and not pass the buck to failed profit-driven private finance models.
“The report is clear that putting an outsized focus on private finance won’t deliver a just energy transition, instead it drives up Global South debts and delays the fossil fuel phase-out. However, the recommendations go directly against the evidence, emphasizing private finance-first initiatives. Rich countries have all the tools to deliver grant-based public climate finance and change the unfair finance rules that slow the fossil fuel phase out. It is past time to use them.”
Notes to the editor
Oil Change International’s recent research shows:
- Rich countries can raise $6.6 trillion annually in public funding to pay for climate action at home and abroad.
- Proposals that rely on attracting private finance to the energy transition in the Global South are not delivering. Today’s report acknowledges that blended finance facilities emphasized are delivering 4-7 times less private investment for the energy transition than promised but continues to double down on this approach.