The Baku To Belem Roadmap To $1.3 Trillion: The New South Should Take The Lead

Hafez Ghanem

No 2603, Policy briefs on Economic Trends and Policies from Policy Center for the New South

Abstract: In response to developing countries’ dissatisfaction with the New Collective Quantified Goal (NCQG) of $300 billion, which was decided at the Twenty-Ninth Conference Of the Parties (COP29) to the United Nations Framework Convention on Climate Change, in 2024 in Baku, Azerbaijan, the COP29 and COP30 presidencies promised to develop a roadmap to achieve $1.3 trillion in external climate finance that developing countries need, and to present it at COP30 in Belém, Brazil[1]. The two presidents delivered on this promise and the ‘roadmap’ was presented on November 5, 2025. It concludes with a strong message: “the science is clear, the resources exist, and the moral imperative is undeniable. What remains is the resolve to act…”. The two presidents believe that the $1.3 trillion target can be achieved if the international community has the resolve to act.

Date: 2026-01
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