COP30 So Far Have Some Achievements, But Finance Remains A Sticking Point

By the Day 9 November 18, the COP30at Belem (Amazonia) under the Brazilian Presidency recorded several achievements, but the two key issues still remain sticking points – financing the climate action, and clear roadmap for phasing out of fossil fuels. We have now three days to go until the last day of the conference on November 21,but great hurdles in the ways that seem to be unsurmountable as of now.

In a new milestone, COP30 has launched an Alliance for the Implementation of National Adaptation Plans(NAPs) on November 18, which is an initiative led by the COP30 Presidency, the United Nations Development Programme, and countries such as Germany and Italy, which aims to promote stronger coordination within the ecosystem that supports and finances adaptation measures.

It is indeed a significant achievement in the backdrop of the estimated investment need. According to a UNDP report, the estimated funds are between eight and fourteen times greater than the government resources allocated for this purpose. However, the problem with the NAPs is that unlike Nationally Determined Contribution (NDC), it is focused exclusively on adaptation actions, without addressing mitigation, which is has bee key issue in COPs. Additionally, NAPs submission to the UNFCCC is not mandatory and does not follow a set deadline.

One of the major COP30 decisions is the launch of the Tropical Forests Forever Facility (TFFF). Brazil has officially launched the Tropical Forests Forever Facility, a new multilateral financial mechanism to pay countries for preserving their tropical forests. Over US$ 5.5 billion has already been pledged by 53 countries. Norway has committed US$ 3 billion over ten years. Brazil and Indonesia reconfirmed US$ 1 billion each. At least 20% of TFFF’s funds are reserved for Indigenous Peoples and Local Communities (IPLCs).The World Bank is acting as trustee and interim secretariat host for the facility. This facility is being seen as a paradigm shift — moving from grant-based funding to a “forest-service payments” model.

Nevertheless, there is a cautious optimism about TFFF. Some believe it a groundbreaking achievement, while several civil society actors emphasize that governance, especially community access, must be strong. Experts generally agree that the TFFF is probably the biggest concrete institutional outcome so far, and if implemented well, it could fundamentally shift how we finance forest conservation – by actually paying for standing forests, not just project-based reforestation.

Belém Health Action Plan (BHAP) is another imported achievement. A major commitment was made to build climate-resilient health systems. Over 35 global philanthropies pledged an initial US$ 300 million to support the BHAP. The plan includes surveillance systems, capacity building, and evidence-based policymaking.

Global Initiative on Jobs & Skills have also been launched bringing together governments, industry, and civil society. It has estimated that 650+ million jobs could be created over the next decade via climate transition, both in mitigation and adaptation. Eight countries, including Brazil, India, Kenya, and South Africa have already committed to work with this initiative.

Under Blue NDC Challenge, 17 countries have joined hands, pledging to integrate ocean-based climate solutions, such as marine conservation and blue energy, into their national climate plans. The One Ocean Partnership was launched to mobilize USD 20 billion by 2030 for a Regenerative Blue Economy. New tools were introduced to help track progress: e.g., an Implementation Dashboard and a Marine Biodiversity & Ocean Health toolkit.

Nevertheless, creation of a clear roadmap to phase out fossil fuels remains a sensitive issue. More than 80 countries, and nearly 20 climate ministers, are pushing for a global “roadmap” for phasing out fossil fuels. This builds on the COP28 commitment to transition away from oil, gas, and coal by 2050.However, there is resistance and some fossil-fuel–dependent countries, e.g., Saudi Arabia and Russia are skeptical. The fossil fuel roadmap is ambitious, but it is not yet binding decision which just reflect the political complexity on the issue.

As far as India’s position, the country has emphasized that equitable, predictable, concessional climate finance is non-negotiable. It calls for unfettered access to clean technologies, criticizing barriers like high cost or IP restrictions. Nevertheless, India has joined the TFFF as an observer. The country also pushed back on the EU’s Carbon Border Adjustment Mechanism (CBAM), calling it protectionist and against the spirit of the UN climate convention.

There has been strong debate on climate finance. Developing countries are pushing hard for more, especially for adaptation and loss &damage. The principle of just transition is being emphasized. The dominant narrative is that climate action must safeguard jobs, support vulnerable communities, and respect development needs.

The Belém 4X Pledge on sustainable fuels, which is part of COP30, is now criticised by several expert groups. Climate Action Network, an NGO, has said that it is pushing “dubious” bioenergy and synthetic fuels, warning of risks to ecosystems and communities.

Finance remains a major sticking point. There are fears that the required money isn’t flowing fast and safely enough. There is a deep divide among the parties. While developing countries demanding more predictable, concessional support to climate action, the developed countries seem wary or slow. (IPA Service)