BELÉM, Brazil, Nov 17 2025 (IPS) - COP30 negotiations are midway. So far, talks about historic agreements are moving forward, backward, or stalling, depending on who you ask. The most pressing issues on the table are finances, adaptation, fossil fuel phase-outs, and climate justice.

Wide-ranging and ambitious promises across these issues are not translating smoothly into action. On the first day of COP30, the Fund for Responding to Loss and Damage [established at COP27 and operationalized at COP28] launched the call for funding requests for its startup phase.

From December 15, 2025, developing countries will have six months to request funding for projects and programs of between USD 5 and 20 million. The entire kitty has USD 250 million, which compares poorly to what is needed. On matters of loss and damage, developing countries needed USD 395 billion in 2025 alone.

The issue of finance is not a sticking point in itself at COP30, but has been identified as the thread that connects all other thematic areas as encapsulated in the ‘Baku to Belém Roadmap.’  When COP29 in Baku failed to deliver an ambitious climate finance package deal, this roadmap was added on at the last minute to build on the USD300 billion per year in financing agreed upon in Baku.

But this roadmap is not a singular goal to be achieved; it is about coming together to ‘scale up climate finance in the short and long term to ensure that annual climate financing climbs from USD 300 billion to at least USD 1.3 trillion a year by 2035. The roadmap is about increasing finance across all climate funds, be it for preventing, reducing or adapting to climate change.

Climate finance discussions have focused on mobilizing new funding sources, including innovative mechanisms like the proposed Tropical Forests Forever Facility (TFFF). Brazil has defined oceans and forests as the twin priority areas for discussion at COP30.

TFFF is a Brazil-led initiative that aims to mobilize nearly USD 125 billion for tropical forest conservation. It is a radical new solution to combat deforestation.

Brazil has, however, been left ‘surprised’ the UK would not be joining Germany, Norway and other nations towards contributing to the TFFF funds, despite the UK having helped design the tropical forest conservation initiative.

COP30 is determined to build a bridge between promises and performance, words and actions, and there are multiple sticking points in the development of this bridge. In other words, it’s a ‘COP of implementation.’

Unlike the emotive issues of fossil fuel phase-outs and finances that defined recent COPs, COP30 seems to be where the rubber meets the road. After all is said and done, with the agreements to move away from fossil fuels, the Loss and Damage Fund, and the calls for climate adaptation financing, the technical details of how these promises become actions are the sticking point.

For fossil fuels, those whose economies are not dependent on oil, gas, or coal want an immediate transition. Those that depend on fossil fuels are asking for time to find a pathway that helps the transition as they seek alternatives to cushion their economies. This is one of the most contentious climate mitigation issues.

But still all is not lost; there seems to be notable movement in this direction, in 2024 alone, more than USD 2.2 trillion was put into renewable energy—which is more than the GDP of over 180 countries.

Amidst fragile and fragmented geopolitics, COP30 is multilateralism under test. Leaders of China, the US, Russia and India are absent. Some say this is symbolic and could derail climate talks, but many observers say taking this as a sign that political support for international climate initiatives is waning is misleading.

Some observers from the natural-resource-rich African continent say the developing world simply needs to start conducting the climate business differently, particularly in how they trade with the global North over their natural resources.

To be clear, what defines this COP is not necessarily finance, adaptation, fossil fuels or even climate justice; for many, this is a COP implementation. The ongoing negotiations face challenges in translating ambitious promises into action.

Brazil has already launched the COP30 Circle of Finance Ministers—a key initiative under the COP30 presidency to support the development of the Baku to Belém roadmap. This circle will be a platform for regular consultations throughout 2025.

Another first in the history of COPs is that the Asset Owners Summit is included in the official COP agenda. Asset owners representing approximately USD 10 trillion met in Belém in the first week of the COP to work with climate scientists, multilateral development banks, and governments to meet the climate’s financial needs.

A major point of discussion is how to shift from loans to other forms of finance, with a focus on increasing funding for adaptation and ensuring transparency. Climate finance loans remain an unresolved issue.

For developing nations, developed nations whose industrial revolution is responsible for altering the climate system have a moral obligation to climate finance on terms and conditions that take into account that developing nations are the victims. Developed nations, on the other hand, see climate finance loans as a business opportunity—for every five dollars received in climate finance loans, they repay seven dollars.

Activism has been a defining issue at COP30, as has been the increased participation and visibility of indigenous people. It is a step in the right direction when 15 national governments, including Brazil, Colombia, the Democratic Republic of Congo, Ghana, Tanzania, the United Kingdom and Germany, and one sub-national government have formally announced their support for the Intergovernmental Land Tenure Commitment, a landmark global agreement to secure and strengthen the land tenure rights of Indigenous Peoples and local communities on 160 million hectares in tropical forest countries.

As to how COP30 pans out, the next few days will be critical as the UN Climate Summit nears its conclusion.

IPS UN Bureau Report

This feature is published with the support of Open Society Foundations.

Excerpt:

COP30 is determined to build a bridge between promises and performance, words and actions, and there are multiple sticking points in the development of this bridge. In other words, it’s a 'COP of implementation.'