When Azerbaijan hosted the United Nations’ climate summit, COP29, last year, hopes were high that it could deliver a breakthrough on climate finance, one of the most contentious issues in the global climate process.

The result was a commitment by developed countries to “take the lead” in mobilising USD 300 billion annually by 2035, part of a wider goal to unlock USD 1.3 trillion from all public and private funding sources by the same year. This was hailed by some as a step forward from the previous pledge of USD 100 billion by 2020, but questioned by others as insufficient in the face of a mounting climate crisis.

This year, COP30 will be hosted in Brazil, with an agenda focused on implementing last year’s finance pledge and raising the bar on climate action. Countries are also due to arrive in the host city of Belém with their updated plans for climate action, known as nationally determined contributions. This is happening amid geopolitical tensions that are diverting countries’ attention, and a feeling of distrust by some climate experts and civil society over the progress of the climate negotiations.

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