As world leaders wrestle with the US exit from the Paris Agreement, Brazil, the host nation for this year’s COP30 climate summit, sees an opportunity to highlight the needs of developing countries amid a heated debate over funding the global shift to cleaner energy sources.

At last year’s summit in Azerbaijan, a tense clash between wealthy nations and lower-income countries led to a pledge from wealthier nations to provide $300 billion annually by 2035 to help developing countries. Although this is three times the current $100 billion target, it still falls short of the $1.3 trillion that developing nations argue is needed annually. The disagreement is expected to continue this year.

Andre Correa do Lago, the new president of COP30, noted that reaching the $300 billion target was already challenging with the US at the negotiating table. He emphasized that under President Joe Biden, the US introduced new climate policies and worked to enhance multilateral development banks, like the World Bank, to increase funding for climate projects. Without these efforts, he said, securing more climate finance will be even more difficult.

Despite these obstacles, Correa do Lago pointed out that developing nations are united in resisting demands from wealthier countries to expand the group of countries financially supporting climate mitigation and adaptation efforts. European leaders, in particular, have been pressing emerging economies, such as China and Gulf states, to contribute financially to help poorer nations. China, the world’s largest greenhouse gas emitter, is a key focus of these discussions.

Correa do Lago criticized the wealthier nations' stance, stating that they are not seeking to increase financial resources but rather to reduce their own contributions. He called this approach deeply flawed.

The US’s withdrawal from the Paris Agreement also raised concerns about which countries will shape the outcome of the global summit this year. As a major economy and emitter, the US has played a central role in COP negotiations, along with the EU and China. Following the expected US exit, China’s climate envoy, Liu Zhenmin, said that while it was hoped China and the EU would step up to fill the leadership gap, achieving this would be challenging.

Correa do Lago suggested that the BRICS group, which includes Brazil, China, and other emerging economies, could serve as a platform to build consensus among developing countries. Brazil holds the BRICS presidency this year, and Correa do Lago aims to use this position to foster discussions and strengthen the calls for more financial contributions from wealthy nations, who have historically been the largest polluters.

In the G20 summit last year, Brazil and other developing countries successfully blocked an attempt by wealthy nations to push for contributions from emerging economies for climate finance. Correa do Lago was one of the key negotiators behind this move.

He also defended the significant efforts that emerging economies are already making to combat climate change, using their own resources. He highlighted Brazil’s actions to reduce deforestation, a major source of emissions, and China’s massive investments in clean energy technology, which he believes provide more meaningful assistance to developing nations than symbolic financial contributions.

Disclaimer: This image is taken from Reuters