Brazil Proposes Changes in Institutions, Rules, and Sectors for Climate at COP30

Brazil proposes a series of reforms in institutions, global rules, and sectors of the economy for the planet to achieve the ambitious goal of $1.3 trillion per year in climate financing. The plan was presented on Wednesday (5) by the Brazilian presidency of COP30 in Belém, Pará. The so-called ‘Baku to Belém Roadmap’ aims to ensure sufficient resources for developing countries to combat the climate crisis. For this, Brazil argues that international institutions – some created after World War II – should act coordinatedly, also considering the climate agenda. The United Nations (UN), the International Monetary Fund (IMF), the Bank for International Settlements (BIS), development banks, the insurance sector, and even credit rating agencies are urged to this plan.