COP30 in Brazil: Nations to Discuss New Climate Finance Target and Action Plans
The upcoming UN Climate Change Conference (COP30) in Belém, Brazil, starting on November 10, will see nations discussing a new climate finance target and updated climate action plans. The conference, attended by the Conference of the Parties (COP), will also discuss the future of the Clean Development Mechanism (CDM).
The Umbrella Group, an informal alliance of about a dozen non-EU industrialized countries, is expected to play a significant role at COP30. This group, traditionally including countries like Australia, Canada, and the United States, will negotiate alongside the Group of 77 (G77), a coalition of over 130 countries ranging from highly vulnerable nations to major oil producers.
The conference will discuss the replacement of the current annual climate finance target of $100 billion with a New Collective Quantified Goal (NCQG), expected to start in 2026. UN estimates suggest that developing and emerging countries need roughly $2.4 trillion per year for climate action. The conference will also review updated Nationally Determined Contributions (NDCs), which were due by 2025 but have seen uneven compliance.
Article 6 of the Paris Rulebook outlines cooperative mechanisms similar to the CDM, which allows funding of emissions-reduction projects in poorer countries for climate credits. These negotiations are still ongoing and will be a key topic at COP30.
COP30 in Belém will be a crucial meeting for international climate negotiations, with discussions on a new climate finance target, updated climate action plans, and the future of the CDM. The conference will bring together a diverse range of countries, each with their own priorities and interests, to work towards a common goal of combating climate change.
