Achievements and challenges on financing the 1.5 C trajectory at COP30

Editor's note: COP30 in Brazil's Belem concluded with the adoption of the Belem Political Package, which foregrounded finance, adaptation and international cooperation while leaving key implementation details to be worked out. In this context, Wang Xun, a researcher at the Yangtze Delta Region Institute of Tsinghua University, Zhejiang, and visiting researcher at the International Institute of Green Finance, Central University of Finance and Economics, provides a concise assessment of the summit's advances, tensions and the path ahead for translating pledges into concrete, predictable finance for developing countries. The article reflects the author's opinions, and not necessarily those of CGTN.

Background and agenda for climate finance at COP30

The largest achievement in climate finance at COP29 in Baku, Azerbaijan, was the establishment of the New Collective Quantified Goal, in which developed country parties committed to mobilizing at least $300 billion per year by 2035 for developing countries' climate action. Yet the deal came without clarity on critical questions of scale-up mechanisms, instrument type, eligibility and accountability, leaving the finance agenda underspecified.

Entering COP30 in Belem, Brazil, the finance agenda moves beyond pledges to scaling, access, transparency and operationalization of finance flows, and the spotlight turns to the implementation of the "Baku to Belem Roadmap" that prioritizes mobilizing the $1.3 trillion target, emphasizes grant-and-concessional-based finance, private capital leverage, and enhanced transparency and access for developing countries.

Progress, achievements and challenges

At COP30, the climate finance agenda has witnessed meaningful achievements as well as sharp frictions.

On the achievement side, Parties formally approved the Belem Package, which includes the commitment to triple adaptation finance by 2035, thereby elevating adaptation to a core finance priority. The summit also reaffirmed the ambition initially articulated at COP29 – to mobilize external public and private finance towards the $1.3 trillion per year scale by 2035 via the "Baku to Belem Roadmap." Moreover, COP30 approved key texts under the Belem Political Package that embed finance, adaptation and implementation issues into the formal United Nations Framework Convention on Climate Change (UNFCCC) decision-making structure.

Yet significant challenges remain. First, the actual finance flow gap is still immense. While commitments exist, the concrete mechanisms, timelines and volume of funds remain unclear, prompting concerns about delivery credibility. Second, the equity dimension remains unresolved. Developing countries continue to press for predictable, grant-based and non-debt-creating finance, while the text retains broad and non-binding language, leaving room for ambiguity. Third, critical institutional-design issues – such as transparent tagging of finance flows, access conditions, concessionality of funds and mobilization of private capital – remain under operationalized. Fourth, the decision text does not include a binding roadmap for the phase-out of fossil fuels, highlighting a disconnect between mitigation ambition and the finance architecture needed to deliver it.

China's contribution

China played an active and constructive role in climate finance negotiations at COP30, reaffirming the principle of common but differentiated responsibilities and emphasizing multilateral cooperation. Li Gao, vice minister of ecology and environment and head of the Chinese delegation, noted that the summit outcome – the "Global Mutirao" decision – required strong political will and represented a hard-won achievement of collective solidarity. China also publicly welcomed the "Baku to Belem Roadmap," citing its potential to align climate finance, adaptation and implementation support for developing countries.

In particular, China emphasized the importance of increasing developing countries' access to climate finance, underlining that funding should be fair, reasonably predictable and more readily accessible – especially for vulnerable nations. At side events hosted in the China Pavilion, Chinese experts and delegation members showcased China's focus on capacity-building and technology-transfer cooperation with Global South partners. China also flagged the international deployment of its renewable-energy technologies and cooperation projects, reiterating that developed countries bear the primary responsibility for mobilizing climate finance.

By maintaining this engagement and emphasizing South-South cooperation, China contributed to amplifying the voice of developing countries in the climate finance negotiations. China's more active diplomacy and visible presence at COP30 helped raise the profile of the finance pillar and make it more inclusive.

Outlook for climate finance beyond COP30

At COP30, the standout achievement in the finance domain was the elevation of ambition. The "Baku to Belem Roadmap" sets a collective aim of mobilizing at least $1.3 trillion annually by 2035 for climate action in developing countries, and for the first time, adaptation funding featured prominently alongside mitigation.

However, major glitches remain. Actual flows are far below required levels; only a small share goes to adaptation and the most vulnerable countries, and critical issues of concessionality, transparency and access remain unresolved.

Looking ahead, climate finance in the post-COP30 era should center on three key pillars. First, translate ambition into action by converting pledges into near-term commitments supported by clear pipelines and milestones. Second, enhance access and equity by increasing grant-based and low-interest finance, especially for adaptation, and ensure it is predictable and accessible for vulnerable countries. Third, operationalize transparency and mobilize private capital by establishing robust tagging and reporting frameworks and develop leveraging mechanisms to bring private finance into the fold without compromising equity.