Circle of Finance Ministers

The Circle of Finance Ministers, a key initiative of the Brazilian Presidency, will discuss multiple climate finance mechanisms and support specific COP30 negotiations, such as the preparation of the Baku to Belém Roadmap to USD 1.3 trillion, a report to be prepared jointly by the COP29 and COP30 Presidencies in consultation with UNFCCC Parties and presented in Belém.

The roadmap aims to scale up climate finance for developing countries, supporting both the reduction of greenhouse gas emissions and the implementation of Nationally Determined Contributions (NDCs) and National Adaptation Plans (NAPs). This will involve using various instruments, including subsidies, concessional finance, fiscal measures, and multilateral initiatives.

Led by Brasil’s Finance Minister, Mr. Fernando Haddad, the Circle will serve as a structured platform for regular consultations throughout 2025. It is organized into three advisory groups:

● Expert Advisory Group: To provide technical guidance on financial instruments.

● Private Sector Engagement Group: To align investment strategies with climate finance goals.

● Civil Society Consultation Group: Ensuring the inclusion of multiple voices in climate finance governance.

The agenda of the Circle of Finance Ministers is structured around five strategic priorities:

● Reform of Multilateral Development Banks (MDBs);

● Expansion of concessional finance and climate funds;

● Creation of country platforms and strengthening of domestic capacity to attract sustainable investments;

● Development of innovative financial instruments to mobilize private capital;

● Strengthening regulatory frameworks for climate finance.

A total of 35 countries are participating in the Circle.

The first consultations were held on April 23-24 in Washington, D.C., during the IMF and World Bank Spring Meetings. The final report is expected to be presented at the Fund’s Annual Meeting in October.

Council of Economists

In a separate initiative, a Council of Economists, appointed by the COP30 Presidency, will propose innovative solutions for climate finance in developing countries. More information here.