Report of the COP30 Circle of Finance Ministers launched during IMF and World Bank meetings
A Ministerial Declaration was also presented, highlighting the countries’ recognition of Brazil’s initiative in bringing them into the debate on the implementation of climate ambitions
By the Ministry of Finance
On Wednesday, October 15, the COP30 Circle of Finance Ministers launched its report with contributions to the Baku–Belém Roadmap in Washington, DC.
Produced and signed by the Brazilian coordination of the circle based on contributions from member countries, the report was released alongside a Ministerial Declaration signed by more than 30 countries representing regions worldwide.
Led by Minister Fernando Haddad, the circle comprises over 35 countries and collaborates with international organizations, as well as advisory groups from civil society, the private sector, and academia. The circle's formation was an unprecedented initiative by the COP30 Presidency.
The launch meeting, which was part of the program for the IMF and World Bank Annual Meetings, began with a video message from Minister Haddad, who emphasized Brazil's commitment "to achieve tangible results."
“The circle has become an important space for connecting finance and climate action. It shows that a green transition is impossible without the efforts of finance ministries. The circle is based on the Brazilian concept of Mutirão, in which people join forces to help each other and achieve a common goal,” said Mr. Haddad.
Following Minister Haddad’s message, Ambassador Tatiana Rosito, the Secretary for International Affairs of the Ministry of Finance (Ministério da Fazenda), conducted the meeting.
“Allow me to recall that the Leadership circles, launched by the COP30 Presidency, were conceived to expand mobilization and coordination capacity by incorporating a commitment to accelerating the implementation of the Paris Agreement. They aim to sustain climate action beyond the two-week negotiation period, strengthening international cooperation and fostering collaboration between governments and society,” stated Ambassador Rosito.
Content
The report produced by the Brazilian coordination of the circle highlights challenges and makes practical recommendations in five priority areas for expanding climate finance: 1) Expansion of concessional finance and climate funds, 2) Reform of Multilateral Development Banks (MDBs), 3) Creation of country platforms and strengthening of domestic capacity to attract sustainable investments, 4) Development of innovative financial instruments for mobilizing private capital, 5) Strengthening of regulatory frameworks for climate finance.
The Declaration of Ministers, whose signatures do not imply formal endorsement of the report, recognizes that the Brazilian initiative to bring them into the debate is a milestone: “We are convinced that finance ministries have, both in their domestic and international agendas, a crucial role in implementing climate ambitions, according to the national strategies and circumstances of each country, and will continue to engage in relevant forums to promote this interaction,” the text states.
English version: Trad. Bárbara Menezes.
Proofreading by Enrique Villamil.