COP 30: Laying the Groundwork for a Just Transition

Finance took center stage, with reforms aimed at mobilizing capital and channeling it directly to the region’s most vulnerable to climate impacts. Key highlights include:

Taxonomy

• The launch of Principles for Taxonomy Interoperability to achieve a common language in climate finance and to mobilize cross-border capital to work towards ambitious goals such as the mobilization of USD 1.3 trillion annually, as outlined in the Baku to Belém Roadmap
• Alongside the Principles, the Sustainable Finance Taxonomy Mapper was presented, assisting users to compare taxonomies across jurisdictions

Solidarity levies

• Levies have been introduced, namely on premium air travel, through the launch of the Premium Flyers Solidarity Coalition. Such global momentum aims to increase revenue potential, enabling finance to be generated sustainably reducing the need for further debt
• Laurence Tubiana, COP30 Special Envoy to Europe, stated that the introduction of levies are “only the first step” with more developments expected in a bid to raise finance

Country platforms hub and new country platforms

• 13 new countries announced plans to develop national platforms which aim to implement environmental recommendations and respond to individual country’s needs, as opposed to adopting duplicative approaches
• Brazil launched the Country Platforms Hub, a coordination mechanism designed to enhance synergy and collaboration enabling countries to share technical assistance, initiatives, knowledge and to coordinate funding. Initial funding amounts to nearly USD 4 million

Open coalition on compliance carbon markets

• The Open Coalition on Compliance Carbon Markets welcomed 18 new member endorsements which include Brazil, China, EU, UK, Canada, Chile, Germany, Mexico, Armenia, Zambia, France, Andoraa, Ruanda, Guinea, New Zealand, Monaco, Singapore and Norway
• To establish a regulated carbon market with unified standards and best practices, the goal is to create more effective pathways for decarbonization through greater integration, transparency and robust compliance measures

Other developments include:

• The formal opening of the Integrated Forum on Climate Change and Trade to enhance the role of trade in climate action
• The Super Pollutant Country Action Accelerator, first introduced at the Belém Leaders Summit, advanced with the launch of its Plan to Accelerate Solutions. The initiative supports 30 developing nations in reducing harmful super-pollutant emissions by 2030
• On the sixth day, civil action outside the summit saw thousands of climate protesters march through the streets of Belém to demand further action to protect the climate and to express dismay in the Brazilian Government’s action in relation to the fossil fuel industries and deforestation

In summary, finance was the key focus on day six of the summit as a key driver of climate transition, with developments setting the groundwork for real change in fostering collaboration and generating non-debt sources of finance.

Further reading on COP30

Stay up to date with our daily briefings on COP30 over the next two weeks and view all of our content from last year’s COP here: COP30 | Business Topics | Eversheds Sutherland