AZERBIJAN AND BRAZIL TO HOLD CONSULTATIONS AND CALL FOR SUBMISSIONS ON THE “BAKU TO BELÉM ROADMAP TO 1.3T”

The Presidences of the sixth and seventh Conference of the Parties serving as the meeting of the Parties to the Paris Agreement (CMA) (Azerbaijan and Brazil) are calling for submissions by the 21st of March and will convene virtual consultations on the launch of the “Baku to Belém Roadmap to 1.3T”, a key element of the #COP29 decision on the New Collective Quantified Goal on Climate Finance (NCQG).

WHAT IS THE “BAKU TO BELÉM ROADMAP TO 1.3T”?

As part of the NCQG decision at COP 29, Parties decided to launch —under the guidance of the Presidencies of the sixth and seventh sessions of the CMA — the “Baku to Belém Roadmap to 1.3T” aiming at scaling up climate finance to developing country Parties. The decision also requested the Presidencies to produce a report summarising the work  by CMA 7 as the Roadmap concludes, which will take place during COP 30 in Belem, Brazil in November this year (see the decision in paragraph 27 on page 4 here).

WHAT WILL BE COVERED BY THE SUBMISSIONS AND CONSULTATIONS?

The decision on the “Baku to Belém Roadmap to 1.3T” indicated that the Roadmap would be launched in consultation with Parties. With this call for submissions and consultations the Azerbaijan and Brazil Presidencies are operationalising this aspect of the decision. For the virtual consultations which will be convened with groups of Parties (e.g. the Least Developed Countries Group), the UNFCCC will be contacting group Chairs to arrange the consultation in the coming weeks. In the meantime, submissions can be made by Parties, constituted bodies, the operating entities of the Financial Mechanism (e.g. the Fund for Responding to Loss and Damage), climate finance institutions, observers and observer organisations, and other stakeholders (i.e. the private sector). The deadline to submit is by the 21st March 2025 via the e-mail to climatefinance@unfccc.int.

Submissions will focus on the following questions:

(a) What are your overall expectations for the “Baku to Belém Roadmap to 1.3T”?

(b) Which topics and thematic issues should be explored to inform the Roadmap, within the scope of the mandate?

(c) What country experiences, best practices and lessons learned can be shared related to barriers and enabling environments; innovative sources of finance; grants, concessional and non-debt creating instruments, and measures to create fiscal space?

(d) Which multilateral initiatives do you see as most relevant to take into account in the Roadmap and why?

Following consultations and submissions received, the Azerbaijan and Brazil Presidencies will then make available a work plan for the Roadmap including structured outreach and engagement with Parties and non-Party stakeholders, which will take into account views expressed during consultations and written inputs received.

HOW IS THIS RELEVANT TO LOSS AND DAMAGE?

The decision on the #NCQG at COP 29 was woefully inadequate merely “calling” 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 US$ 1.3 trillion per year by 2035. This means that all countries and actors including multilateral development banks and the private sector will be contributing to reach US$ 1.3 trillion per year by 2035 in a voluntary manner, with no guarantee of the quality of finance. Of this only US$ 300 billion per year by 2035 is set as a goal that developed countries will take the lead on. Furthermore, the NCQG decision included no finance to address Loss and Damage. As made clear by Parties including India during the closing plenary of COP29, US$ 300 billion per year is totally insufficient for developing countries to decarbonise their economies and prepare for a warmer world through adaptation. As a result, they will face more loss and damage that could have been avoided, and without loss and damage finance they will be left picking up the bill. In light of this, the “Baku to Belém Roadmap to 1.3T” provides another important opportunity to address the inadequacy of the NCQG outcome at COP29 and the urgent need for Loss and Damage finance at the scale of at least US$ 724.43 billion a year.