April 4, 2025.
Introduction:
India recently called upon BRICS nations to mobilise $1.3 trillion for climate financing. This request was made during the 11th BRICS Environment Ministers’ meeting in Brazil. The aim is to support Nationally Determined Contributions (NDCs) and ensure sustainable development for developing nations. The Baku to Belem Roadmap serves as a framework to achieve this goal.
What is the “Baku to Belém Roadmap to 1.3T”?
- It’s a new climate finance plan launched at COP29 to help developing countries.
- Aim: Mobilize $1.3 trillion per year by 2035 from public and private sources for climate action in developing nations.
- It’s called the “Baku to Belém Roadmap” because it begins in Baku (Azerbaijan) and concludes at COP30 in Belém (Brazil) in November 2025.
- The Roadmap is being developed under the leadership of the COP29 and COP30 Presidencies (Azerbaijan and Brazil).
Roadmap Objectives
- Increase Climate Finance $300 billion from public funds and $1.3 trillion in total per year by 2035.
- Support a just and fair transition for developing countries.
- Tackle issues like high loan interest rates and strict rules that block climate finance.
- Give multilateral development banks (MDBs) a bigger role in offering low-interest loans.
- Encourage joint funding from both governments and private companies.
Key Features of the Roadmap
- Comprehensive Approach: Mixes grants, low-interest loans, and private investments.
- Open and Transparent: Promotes stakeholder discussions and clear reporting of progress.
- Less Debt Focus: Uses tools that don’t create debt for developing nations.
- Technical, Not Political: Focuses on facts and data, not on political debates.
- Inclusive Effort: Involves the private sector, development banks, and developing country groups like BRICS and G77.
Importance of COP30
The 2025 United Nations Climate Change Conference, COP30, will be hosted in Brazil. It will support a Global Ethical Stocktake (GST) to help keep the rise in global temperature below 1.5°C. It will also focus on plans to help countries adapt to climate change and shift towards more climate-friendly policies.