COP30 President Warns of Climate Funding Crisis

COP30 President Highlights Climate Funding Gap: 'Developed Nations Have Failed for Decades' Brazil - André Corrêa do Lago, president of COP30, recently emphasized the critical need for increased global funding to combat climate change. The goal is to raise US$1.3 trillion annually by 2035, a target that appears increasingly challenging given the historical failure of developed nations to meet their commitments to assist developing countries. In an exclusive interview with Money Times Brasil, Lago stated, "Há enorme dificuldade dos países desenvolvidos de cumprirem com as necessidades de recursos que os países em desenvolvimento precisam." (There is enormous difficulty for developed countries in meeting the resource needs that developing countries require.) Lago's statement underscores the urgency of the situation. The shortfall in funding threatens to impede the progress of developing nations in adapting to and mitigating the effects of climate change. The interview highlights the need for innovative financing mechanisms to bridge this gap and ensure that economic growth remains aligned with environmental sustainability. The sheer scale of the funding requirement—US$1.3 trillion annually—underscores the magnitude of the challenge ahead. The COP30 presidency will need to foster international cooperation and explore diverse funding solutions to achieve this ambitious goal. The success of COP30 will hinge on its ability to mobilize the necessary resources and foster a global commitment to climate action.