The Baku to Belém Roadmap to $1.3 Trillion: Submission by IMAL

At its sixth session, the Conference of the Parties serving as the meeting of the Parties to the Paris Agreement called “on all actors to work together to enable the scaling up of financing to developing country Parties for climate action from all public and private sources to at least USD 1.3 trillion per year by 2035." It also agreed to that a “Baku to Belém Roadmap to 1.3T” would be developed, under the guidance of the COP29 and COP30 Presidencies. In response to the COP29 and COP30 Presidencies' call for inputs on the Roadmap, IMAL has made a submission of its views, now available on the UNFCCC website. Excerpts from IMAL's submission are provided below.

Context

The “Roadmap to 1.3T” represents an opportunity to make amends for past errors, correct course, and point toward the international engagement needed to deliver the goals of the Paris Agreement and United Nations Framework Convention on Climate Change (UNFCCC).

As noted at the conclusion of COP29, the decision on the New Collective Quantified Goal (NCQG) on climate finance was (in our and others’ view) inconsistent with the spirit of the UNFCCC and its Paris Agreement, inadequate to deliver their ambitious aims. The weak mobilisation goal of $300 billion per year for 2035 should have been much stronger in various respects, in order to repair trust between countries and to provide confidence that there would be adequate finance for developing country Nationally Determined Contributions (NDCs).

In the heat of the COP, the decision was rushed as it was claimed that a failure to close a deal in Baku could lead to the demise of the post-Paris process — and yet there is the risk of overlooking that, after a certain point in time, a failure to commit sufficient climate finance, from those countries in the clearest position to contribute, could lead to failure in the process and Paris objectives themselves.

As even the COP29 President acknowledged, “western countries stood in the way” of a much better deal on climate finance. The Roadmap is an opportunity to indicate, without fear or favour, what a better deal — aligned with necessity and pragmatism, based on science and equity — might look like.

Key expectation 1:

The Roadmap is the opportunity to quantify and emphasize the unprecedented surge of public international climate finance that is required in this crucial decade from contributor countries, offering a non-negotiated scenario pathway for international provision and mobilisation of $1.3 trillion per annum (well beyond $300 billion), not including wider catalyzed private finance flows (under Article 2.1c) which requires a larger goal — in order to deliver the common objectives agreed under the UNFCCC and its Paris Agreement, across mitigation, adaptation, and loss and damage.

Key expectation 2:

The Roadmap cannot be treated as a purely technical exercise, as it inevitably entails political considerations and choices — the Roadmap should be explicit about different pathways, assessing and prioritizing pathways for scaling finance according to equity principles.

Key expectation 3:

In line with ambitious aims agreed under the UNFCCC and its Paris Agreement, the Roadmap should be ambitious, sending a strong unbiased message to climate finance contributor countries about the new ambition required from them in terms of international cooperation and provision of public finance support to developing countries — suggesting a better future that is necessary and possible, rather than being mired in present-day politics.

The full submission by IMAL may be downloaded below:

IMAL Submission - Baku to Belèm Roadmap to 1.3T.pdf

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