COP30 Nations Demand Funding Amid US Absence, Germany Cuts

Developing countries are positioning climate finance at the center of COP30 negotiations in Belem, Brazil, arguing that the success of global climate action will depend on whether wealthier nations deliver long-promised financial support. Looming over the talks was the absence of the United States—historically the world’s largest emitter—which declined to attend for the first time in the history of COP. Meanwhile, Germany announced it would be cutting EU€6 billion in financial assistance for decarbonization initiatives in the developing world. In light of these shifts, diplomatic attention was redirected toward emerging economies, whose representatives stressed that implementation of global goals will require predictable and significant funding.

COP30 President André Corrêa do Lago said developing countries “are the ones really moving ahead” in the fight against climate change despite declining enthusiasm among wealthier nations. He highlighted China’s rapid expansion of renewable energy deployment as one example of leadership from the Global South. While Brazil sought to frame the summit around unity and collective action, reactions from developing economies made clear that financing remains a fundamental concern.

India reiterated that climate action must reflect equity, national circumstances, and the principle of common but differentiated responsibilities. Its delegation said developed countries must accelerate emissions reductions while delivering affordable financing, technology access, and capacity-building—conditions it described as essential for achieving ambitious climate targets. China delivered a similar message, with foreign Ministry spokesperson Mao Ning stating that developed countries should “step up to their historical responsibility,” cut emissions more aggressively, and provide funding and technology to support developing countries’ transitions.

Financial constraints faced by emerging economies continue to complicate climate action. Dilma Rousseff, head of the New Development Bank and former Brazilian president, noted that climate-related disasters disproportionately affect low-income populations. She emphasized the need for differentiated responsibilities under the Paris Agreement and warned that many developing nations, burdened by external and public debt, struggle to prioritize climate investments over basic development needs.

Against this backdrop, Brazil introduced a major financing proposal ahead of the summit. The government unveiled a roadmap designed to mobilize US$1.3 trillion annually by 2035 to support developing countries’ climate mitigation and adaptation efforts. The plan reflects estimates of the actual scale of investment required to confront rising climate risks. It also builds on commitments made at COP29 in Baku, where developed countries pledged US$300 billion per year through 2035 under the New Collective Quantified Goal (NCQG). The NCQG also calls for all actors—including private capital—to contribute to the broader US$1.3 trillion target.

To advance this effort, diplomats led by Corrêa do Lago and COP29 president Mukhtar Babayev released the Baku to Belém Roadmap on November 5. The document outlines five priority areas through 2035: replenishing subsidies, concessional finance, and low-cost capital; rebalancing fiscal space and debt sustainability; mobilizing transformative private finance and reducing capital costs; restructuring capacity and coordination for large-scale climate portfolios; and redesigning systems for equitable capital flows. Corrêa do Lago said the “5Rs” provide a practical framework for translating scientific urgency into an actionable global cooperation strategy.

Despite recent emissions-reduction pledges from China and the European Union, a UNFCCC assessment warns that if current policies persist, global temperatures could rise between 2.6°C and 2.8°C by the end of the century. While the report forecasts a 12% drop in emissions by 2035 compared with 2019 levels, financing gaps threaten progress. Estimates indicate that meeting global climate goals will require US$7.4 trillion annually in the 2030s, with US$2.4 trillion per year needed in developing countries alone.