BRIDGING THE WIDE FUNDING CHASM

COP30 advanced key finance outcomes but the roadmap still needs milestones, burden-sharing and clear pathways to the $1.3 tn goal

- BY RAVI S. PRASAD

Brazilian president Luiz Inácio Lula da Silva had framed COP30 as a “COP of truth”. After the conference last week, it was evident that it was able to inject a sense of realism into the climate process and re-centre the conversation on implementation. Despite disagreements on finance, unilateral trade measures by certain countries and phasing out fossil fuels, Belém navigated the choppy waters of climate negotiations adroitly. Multilateralism will move forward.

For India, the results were a vindication of its longstanding position that certain nations must be held historically accountable and only fair responsibilities will be taken on. The COP reflected many priorities held by developing countries. Adopting the Global Goal on Adaptation (with a list of 59 non-prescriptive points) is a good step in those directions, which will hopefully identify gaps and challenges ahead.