This blog post examines Brazil’s plan, as host of COP30 in Belém this November, to launch a major new global financing package aimed at helping developing countries adapt to accelerating climate impacts.
It summarizes the scale of the adaptation finance gap, the political context driving Brazil’s proposal, and the concrete elements being discussed — including a proposed “Baku to Belém roadmap” to scale climate finance toward trillions of dollars annually.
COP30 in Belém: a potential turning point for adaptation finance
The core of this initiative is a recognition that mitigation targets alone are no longer sufficient. Vulnerable countries need immediate, predictable resources to protect people, infrastructure and ecosystems from intensifying storms, sea level rise and heat extremes.
A recent U.N. Adaptation Gap Report estimates that by 2035 the world will need about $310 billion per year for adaptation — roughly twelve times current international public spending.
That shortfall is striking: international public finance for adaptation in 2023 amounted to only $26 billion.
The urgency of closing the gap is not academic — a Category 5 hurricane that recently devastated Jamaica underscored how warmer oceans and higher seas are translating into greater loss and damage today.
The Brazil-led financing package: aims and mechanics
Brazil, through COP30 president André Corrêa do Lago, is proposing to mobilize a broad coalition of sources — wealthy country contributions, philanthropic capital, multilateral development banks and scaled private finance — to create a new, dedicated financing architecture for adaptation.
The goal: shift the conversation from aspirational language to tangible, deployable funding for frontline communities.
The initiative builds on the momentum from COP29 in Baku, where richer nations pledged to increase climate finance to $300 billion a year by 2035, though many developing countries found that pledge insufficient.
Brazil and Azerbaijan are now drafting a joint “Baku to Belém roadmap” that explores scaling total climate finance to $1.3 trillion annually by combining public and private flows.
Key elements under discussion include:
Restoring confidence: politics, skepticism and implementation
Beyond finance mechanics, Brazil’s proposal aims to rebuild global faith in climate action at a time when public confidence is fraying and engagement from major players — notably the United States — has been uneven.
Corrêa do Lago has emphasized that both citizens and governments increasingly demand practical resources for adaptation rather than another lengthy negotiated text.
That political dimension matters: large pledges without clear delivery timelines and transparent disbursement mechanisms risk deepening skepticism.
For COP30 to succeed, the summit must convert headline figures into bankable pipelines of projects with measurable resilience outcomes.
Immediate priorities and what to watch at COP30
As Belém approaches, watch for several indicators of progress: concrete commitments from wealthy countries and multilateral banks. A detailed roadmap for mobilizing private capital and mechanisms to prioritize the most vulnerable nations and communities are also key.
Equally important will be operational details that determine whether money moves quickly and equitably.
From my 30 years working in climate finance, the lesson is clear: ambitious targets must be matched by realistic delivery plans.
Here is the source article for this story: Brazil plans COP30 funding deals to address climate adaptation shortfall