“When finance flows, ambition grows”: a COP30 call for urgent action

At all negotiating tables and in every diplomatic statement lies a stark truth shared by countries on the front lines of the climate crisis: without financing, there is no way to safety, justice or survival.

Many urgent actions are required to ensure a habitable planet and protect millions of lives. But all of them – every achievement, every shield of resilience – depend on one basic driver: finance.

The discussions of the 30th Conference of the Parties to the United Nations Framework Convention on Climate Change (cup 30) Today, Saturday, about financial mobilization, or what the leaders called the climate change engine.

A matter of survival

During the third high-level ministerial meeting on climate finance, COP30 heard from representatives from countries severely affected by climate impacts, many of whom described access to financial resources as a “A matter of survival.”

In her opening remarks, UN General Assembly President Annalena Baerbock said that COP30 should mark the beginning of implementing the commitment to provide up to US$1.3 trillion in annual climate finance – which should “It reaches those most in need, quickly, transparently and fairly.”

In her opening speech, she stressed the need for climate action and social justice, noting that “Climate insecurity fuels hunger and poverty, and poverty drives migration and conflict; conflict in turn exacerbates poverty and discourages investment.” Breaking this vicious cycle is essential to achieving global climate goals, she said.

Renewable energy is at the forefront

Speaking about the 10th anniversary of the Paris Agreement, Ms. Baerbock recalled that in 2015, many delegates were deeply moved by the historic outcome that resulted in the first legally binding global climate treaty, in which more than 190 countries participated.

She noted that at the time, renewable energy was widely viewed as “unrealistic,” and today, it is the fastest growing energy source on Earth.

In 2024, global investment in clean energy will reach $2 trillion, about $800 billion more than fossil fuel investments. Solar energy has become the cheapest source of electricity in history.

Africa’s untapped potential

However, Ms. Baerbock warned that… “There is huge potential that remains untapped because capital is still not flowing to where it is needed most,” Especially in Africa.

More than 600 million Africans still lack access to electricity, even though the continent’s renewable energy potential exceeds projected global electricity demand 50 times by 2040. She urged developed countries to meet their technological and financial commitments, and advance the reform of global financial institutions.

A “lifeline” for climate action

Executive Secretary of the United Nations Framework Convention on Climate Change, Simon Steele, also addressed the meeting, emphasizing the transformative power of climate finance.

He described the financing as “The lifeline of climate action,” Capable of converting “Plans moving forward” And “the ambition to implement.” andMr. Steele emphasized that the most vulnerable countries still face significant challenges in accessing long-pledged funds.

“When funding flows, ambition grows”

Despite billions of dollars being invested globally in clean energy, resilience and just transitions, Mr Steele said the overall volume was still “Insufficient and unpredictable enough,” It is not distributed equitably.

He urged the COP30 to demonstrate that climate cooperation is effective, and that current investments can be leveraged “Growth trajectory in the twenty-first century.”

“When finance flows, ambition grows,” the UN’s chief climate official emphasized, enabling programs that create jobs, lower the cost of living, improve health outcomes, protect communities, and ensure a more resilient and prosperous planet for all.

UN News provides live news coverage, reports and interviews from Belém. You can follow everything that unfolds at COP30 on Next link.