COP30 in Belém must spark action on fulfilling commitments

Two global conferences, three decades apart, both held in Brazil’s Amazon corridor. In 1992, policymakers from 179 countries met in Rio de Janeiro at the United Nations Conference on Environment and Development (UNCED), also known as the ‘Earth Summit’, to enhance international cooperation to address the growing environmental risks associated with economic development, and to chart a course for sustainable development. The Earth Summit also played a catalytic role in the ratification of the United Nations Framework Convention on Climate Change (UNFCCC), which provides the platform for climate negotiations.

Now, 33 years on, leaders are meeting in Belém, Brazil, for the 30th Conference of the Parties (COP30) to chart a course towards achieving the Paris Climate Goals. 

All eyes are on Belém: Will countries proactively implement policies for the desired clean energy transition and emission reductions? Will developed nations step up their funding commitment and take measures for immediate release of funds to support the developing world?

Balancing ambition with implementation

As of 6 November 2025, 79 countries had submitted their updated Nationally Determined Contributions (NDCs). A UNFCCC report, based on updated NDCs of 64 countries, estimates that these commitments will together reduce emissions by 11% to 24% by 2035 compared to 2019, against the goal of a 55% reduction to limit global warming to 1.5 degrees Celsius.

On a positive note, the year 2024 saw a record 582 gigawatts (GW) of renewable energy capacity installed. However, to triple the renewable energy capacity by 2030, the world will require an addition of 1,122GW per year, which is 92.7% higher than what was installed in 2024. 

During  COP28, countries had also agreed to double the rate of energy efficiency gain, but an assessment by the International Energy Agency shows that efficiency improvement fell to around 1% in 2024, compared to the previous year’s 2%. 

Therefore, while enhancing aspirations for emissions reductions, countries must take proportionate measures for implementation.

Finance is key

The International Renewable Energy Agency’s assessment shows that the investment requirement to triple the renewable energy capacity by 2030 is US$1.5 trillion (BDT183.54 trillion) per annum. Doubling the rate of energy efficiency will require an annual investment of US$2.2 trillion (BDT269.19 trillion). Different countries must invest in adaptation and reducing loss and damage.

Last year, while COP29 raised the necessity of mobilising US$1.3 trillion (BDT159.07 trillion) per annum for developing countries to pursue energy transition and frontload measures for adaptation, developed countries only agreed to provide US$300 billion (BDT36.71 trillion) per annum by 2035. As the scale of climate impacts intensifies, along with the urgency to build resilience in the developing world and steer energy transition towards the 1.5 degrees Celsius threshold, developed countries must raise their financing commitment and release the same immediately. 

Developed nations should also offer more grants and concessional funding to limit the debt burden of vulnerable countries, and make climate finance easily accessible. 

Multilateral development banks (MDBs) could also act as catalysts for renewable energy transition by providing concessional loans and designing risk mitigation instruments, such as guarantees. For instance, Bangladesh experiences a distinct set of hurdles for renewable energy investment. In addition to land scarcity, the high devaluation of local currency severely affects project implementation in Bangladesh, which relies on imported renewable energy technologies. MDBs could help design currency hedging facilities to mitigate investment risks in Bangladesh and other countries facing similar challenges.

Belém should build momentum for implementation in line with Paris Agreement

The Brazilian COP Presidency has proposed an action agenda along six axes to streamline the climate negotiations at Belém: 

1. Transitioning energy, industry, and transport

2. Stewarding forests, oceans, and biodiversity

3. Transforming agriculture and food systems

4. Building resilience for cities, infrastructure, and water

5. Fostering human and social development

6. Cross-cutting enablers and accelerators

The action agenda is supposed to lead the discussion at the conference in the right direction. However, countries must commit and undertake measures on the ground to stay within the Paris Climate Agreement’s thresholds.

While multilateralism remains key to addressing a stubborn problem like climate change, it is evident that it must play a more effective role in ensuring just and fair contributions of different countries. This could be addressed through deeper partnerships between developed and developing countries, and increased cooperation among developing nations. 

This is a translated text of an article first published in Samakal.