COP30 so far: ‘Defeat the climate deniers’, UK’s ‘moral failure’ and calls for real implementation

Thousands of delegates have arrived in Belem and San Paulo as the COP30 kicks off in Brazil with nationally determined contributions (NDCs), adaptation and biodiversity being among the front of mind factors for this year’s discussions.

From a sustainable investment perspective, all eyes will be on Finance Day – or dayS with there being two this year on 14 and 15 November. But what has happened so far?

Here’s a round-up of the top takeaways:

Brazil president: ‘Inflict new defeat on climate deniers’

Brazil president Luiz Inácio Lula da Silva (pictured) called for the world to “defeat” climate denialism in an era of “fake news and misrepresentation” and “rejection of scientific evidence”. In what is thought to be directed at President Donald Trump’s comments that climate change is a “con job”, President Lula said: “COP30 will be the COP of truth.”

Without naming Trump, President Lula continued, “they control the algorithms, sow hatred and spread fear”.

“It’s time to inflict a new defeat on the deniers,” the BBC reports.

See more: PA Future coverage of COP30 so far

UK’s ‘moral failure’ as it opts out of tropical forests fund commitment

News emerged early into the Leaders’ Summit that the UK does not intend to invest in the Tropical Forest Forever Facility (TFFF) – which was backed by 30 other countries and endorsed by 53 nations for future investment commitments.

This “historic programme” will recognise the value of, and pay for, the ecosystem services provided by tropical forests to the world and “creates an unprecedented global financial incentive to protect standing tropical forests, rather than destroying them”, according to a statement.

It received endorsements from 53 countries, including 19 potential sovereign investors – Norway committed $3bn over the next 10 years subject to specific conditions, Brazil and Indonesia reconfirmed their $1bn commitments, Portugal committed $1m and France indicated that, under specific conditions, they would consider committing up to €500m until 2030.

The dialogue with potential investors, both public and private, the statement said, will continue towards the medium-term goal of achieving a $125bn fund, combining $25bn in sponsor capital from sovereign sources and $100bn from institutional investors.

Brian O’Donnell, director of Campaign for Nature, commented on the UK’s decision to not contribute: “Campaign for Nature is deeply dismayed by reports that the United Kingdom will not invest in the Tropical Forest Forever Facility (TFFF). The prime minister making this announcement on the eve of COP30 undermines Brazil’s headline nature goal for the COP.

“This is not only a moral failure, it is also economically and strategically shortsighted: Any investment in the TFFF is not a grant – it will earn interest for the UK government, while helping safeguard the forests that provide services essential to national security and to the UK economy.”

ICC calls for recommitment, adaptation goals and real implementation

The International Chamber of Commerce (ICC) called for three “essential” outcomes as this COP. It said we need:

Investment-ready national plans. A firm recommitment from all countries to deliver robust new NDCs aligned with 1.5°C, anchored in growth, energy security and industrial competitiveness is critical. Co-designed with business they can give investors the clarity and confidence they need.
A Global Goal on Adaptation that drives private investment. The private sector can scale resilience – but only if the business case is clear. We need the right metrics and incentives, and public-private partnerships that deliver resilience where it counts.
and most critical – turning the Baku to Belém Roadmap into a real finance implementation plan, underpinned by political commitment to remove regulatory barriers that prevent private capital from flowing to developing countries.

The ICC added this COP must also “mark a new era of cooperation – one that rises above uncoordinated policies and delivers real lasting climate solutions”.

Keep checking back for updates from COP30

Image copyright: UN Climate Change/Kiara Worth/Flickr