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The central message of the 30th Conference of the Parties (COP30) to the United Nations Framework Convention on Climate Change crystallised on November 15: the world cannot deliver a fast or fair climate transition without reengineering the financial systems that fund it, embedding ethical frameworks that guide it, and strengthening the global cooperation that sustains it. Across negotiation rooms, ministerial roundtables, and the streets of Belém, governments, investors, Indigenous leaders, and civil society converged on the need to build the enabling environment for a people-centered, justice-first transition.
With thematic focus areas of energy, industry, transport, trade, finance, carbon markets, and non-CO2 gases, finance took the spotlight with the launch of the Principles for Taxonomy Interoperability, a major step toward aligning the world’s diverse sustainable finance taxonomies. Developed with the Subsidiary Bodies COP, the International Development Finance Club, and finance ministries, the principles aim to ease cross-border capital flows and help mobilise the $1.3 trillion annually envisioned in the Baku to Belém Roadmap.
“This is the beginning of an era of truth in climate finance,” said André Corrêa do Lago, COP30 President. “To deliver the Paris Agreement faster, climate action must be embedded in real economic and financial reform. With the 5Rs, the Roadmap turns scientific urgency into a practical plan for global cooperation and results.”
Backing that momentum, around $10 trillion in global asset owners gathered for the first-ever Asset Owners Summit at a COP. They signalled readiness to deepen partnerships with governments and multilateral development banks, particularly to scale climate finance in hard-to-abate sectors and emerging markets and developing economies. The group proposed establishing a standing Asset Owner Summit as part of future COP agendas.
This follows The Independent High-Level Expert Group on Climate Finance unveiling a roadmap earlier this week to mobilise $1.3 trillion a year in external finance by 2035 to help developing countries tackle the climate crisis, calling for a transformation of the global financial system, and warning that the current annual flow of $190 billion is “woefully inadequate” to meet the needs of the Global South.
A major boost to implementation came from the announcement of 14 new national Country Platforms under the Green Climate Fund (GCF) readiness program, alongside the launch of a Country Platform Hub co-convened by Brazil and Uganda. The platforms are designed to coordinate climate investment, align technical assistance, and accelerate implementation of national pathways.
Mafalda Duarte, GCF executive director, said, “National platforms bring together government, the private sector, and development partners to identify priority policies and investments. They represent a strategic opportunity for countries to drive their own pathways.”
Day 6 also showcased rising momentum behind solidarity levies—non-debt revenue tools targeting high-emitting, undertaxed sectors. The Premium Flyers Solidarity Coalition expanded to nine member countries and four observers, backed by a new technical report highlighting the substantial revenue potential of levies across aviation, shipping, financial transactions, and crypto assets.
“The launch of the Premium Flyers Solidarity Coalition proves that solidarity levies can move from ideas to reality,” said Laurence Tubiana, COP30 Special Envoy to Europe. “This is only the first step. Now I call on more countries to join us at COP30 and turn this momentum into lasting global change.”
Nigeria’s representative, Olamide Fagbuji, stressed the principle behind the levy: “Our communities are not short of ideas—only the resources to realise them. For the Global South, this is not charity—it is shared responsibility.”
Governments advanced the Open Coalition for Compliance Carbon Markets, now backed by 18 jurisdictions. Discussions emphasised the need for stronger MRV systems, transparent carbon accounting, and potential use of high-integrity offsets.
The COP30 Presidency also initiated the work of the Integrated Forum on Climate Change and Trade, bringing together economies including China, the UK, and Australia, along with the World Trade Organization and International Chamber of Commerce. The forum is expected to develop practical solutions to reduce trade-related transition costs and harmonise climate and trade objectives.
Meanwhile, central bankers issued a stark warning. The Network for Greening the Financial System (NGFS) released its Declaration on the Economic Cost of Climate Inaction, with 146 central banks and supervisors citing imminent financial stability risks from delayed climate action.
“Our latest scenarios show that climate change is no longer a risk on the horizon—it is an imminent danger,” said Sabine Mauderer, NGFS Chair.
The Super Pollutant Country Action Accelerator launched its Plan to Accelerate Solutions, backed by $25 million for seven pioneer countries, including Brazil, Cambodia, South Africa, and Mexico. The initiative aims to help 30 developing countries reduce methane and other super-pollutant emissions by 2030.
“As we reach the end of week one, we’ve seen a marked shift from ambition to execution,” said Dan Ioschpe, COP30 High-Level Champion. “These plans show how governments, business, and communities are pulling the necessary levers to deliver a low-carbon, resilient economy.”
Parties formally moved draft decisions from the Subsidiary Bodies into the main negotiation tracks, marking the shift from technical exchanges to political bargaining that will shape COP30’s final decisions on finance, mitigation, adaptation, and the fossil fuel transition.
Beyond the negotiation halls, thousands marched in the Marcha Mundial pelo Clima, organised by the People’s Summit and led by Indigenous peoples, youth, social movements, and traditional communities. Demonstrators demanded climate justice, territorial protection, and stronger government action.
In the Green Zone, Brazil showcased its Mutirões do Código Florestal, a nationwide push to accelerate implementation of the Forest Code across rural properties—central to Brazil’s climate credibility.
In the Blue Zone, Indigenous leader Chief Raoni and the Mẽbêngôkre delegation delivered a pointed message: climate commitments only matter if they protect standing forests and Indigenous rights. Scientist Carlos Nobre added urgency: “Science clearly shows we must reduce emissions by 5 per cent every year from now on to minimise overshoot and avoid destruction of life-support systems for billions.”
Day 6 demonstrated that the transition the world needs cannot be achieved through emissions targets alone. It requires ethical solidarity, interoperable financial systems, and cooperation that centres those historically left behind.
With advances in solidarity levies, taxonomy interoperability, national platforms, and governance reforms—paired with powerful voices from citizens and Indigenous leaders—COP30 in Belém moved closer to defining the financial and moral architecture required for a just, people-centred climate transition.