COP30 Report: $1.3 Trillion Climate Goal Reachable Only Beyond Business as Usual

Brazil's COP30 Presidency used a Nov. 13, 2026, COP31 Global Climate Action session to argue that mobilizing $1.3 trillion a year in climate finance for developing countries by 2035 is possible, but not on the current trajectory. No decisions were made. Instead, ministers, development bankers and civil society spent roughly 90 minutes on the report's harder questions: who pays, who carries the debt risk, and whether the money ever reaches the communities it is meant for.

• COP30 Presidency report: business as usual falls well short of $1.3 trillion by 2035, while stronger policy could reach or exceed it.
• Brazil, Ethiopia and Azerbaijan said the new target does not replace the $300 billion developed-country goal.
• Development finance leaders cited $700 billion in multilateral development bank lending headroom, more than $4 billion in new Green Climate Fund capacity and 20-to-1 leverage at Brazil's development bank, BNDES.
• WWF Brazil warned that de-risking could saddle indebted countries with fiscal liabilities.
• Climate Policy Initiative (CPI) launched its Climate Finance Action Compass, and Libya pushed it to measure "reaching."
• Civil society pressed for levies of at least $129 billion and a UN tax convention.

The basics: The Baku to Belém Roadmap is the plan, launched between COP29 and COP30, to scale climate finance for developing countries to at least $1.3 trillion a year by 2035. João Paulo Capobianco, Brazil's Minister of Environment and Climate Change, framed it in those terms. The roadmap builds on a separate goal requiring $300 billion from developed countries.