Showing posts with label Cop30. Show all posts
Showing posts with label Cop30. Show all posts

Friday, November 7, 2025

Leaders at the Global Climate Summit Highlight the Rising Toll of Warming “All we have to do is look outside,” one delegate said. “The sea rises, the coral dies.”

 

World leaders posed for a photo on Friday at COP30, the United Nations climate conference in Belém, Brazil.Credit...Wagner Meier/Getty Images



Reporting from Belém, Brazil

In Spain, intense heat waves and floods have claimed thousands of lives in recent years. In Namibia, higher temperatures have resulted in drought and widespread hunger. And in Haiti, Hurricane Melissa, which was made more violent by global warming, last week killed more than 40 people.

World leaders shared vivid stories about the increasingly severe effects of a warming planet on Friday, the second day of the United Nations climate summit in Belém, Brazil.

“Forests are vanishing, water levels are rising and, in turn, peoples’ livelihoods are being disrupted,” Salah Jama, the deputy prime Minister of Somalia, said. “In a nutshell, we are living on a planet in crisis.”

Politicians, diplomats, scientists and business executives are gathering for the event, known as COP30, during another year of record heat and extreme weather that scientists say is being worsened by human-caused climate change.

 This week, the United Nations announced that the world was far off-track from keeping global warming well below 2 degrees Celsius, or 3.6 degrees Fahrenheit, compared with preindustrial levels. That was a goal that virtually every country agreed to 10 years ago as part of the Paris climate agreement.

 

Instead, with heat-trapping emissions from the burning of fossil fuels and deforestation continuing to rise, the world is on track to warm by roughly 2.8 degrees Celsius. Scientists have said that every additional fraction of a degree of warming brings greater risks from heat waves, wildfires, drought, storms and species extinction.

The United States is one of the few countries in the world not attending the summit. President Trump routinely dismisses the threats posed by climate change and is promoting fossil fuels like coal, oil and gas, while penalizing the renewable energy industry.

The environment minister of the small island nation of Tuvalu, Maina Vakafua Talia, referred to Mr. Trump directly. “Tragically, the world’s largest emitter of greenhouse gases has withdrawn from the Paris agreement,” he said. “Mr. President, this is a shameful disregard for the rest of the world.”

 Over more than a dozen hours of speeches, other leaders of countries around the globe focused on the very real consequences of rising temperatures.

 

“All we have to do is look outside our front doors to witness the impacts of climate change,” Kalani Kaneko, foreign minister of the Marshall Islands, said. “The sea rises, the coral dies and the fish stock leaves our shores for cooler waters.”

In Kenya, millions have been affected in recent years by cycles of extreme drought and devastating floods. “As I traveled here, we’re still searching for scores of people who went missing after a landslide affected one part of our country,” Kithure Kindiki, the Kenyan vice president, said at the summit. “Such incidents have become common.”

A street in Petit-Goâve, Haiti, last month after Hurricane Melissa. An early analysis found that climate change had made the storm worse than it otherwise would have been.Credit...Clarens Siffroy/Agence France-Presse — Getty Images
 
A watering hole in the Kunene region of Namibia last month. A drought has contributed to widespread hunger in the country.Credit...Noah Tjijenda/Reuters
 
 Hallo Mustafa Al Askari, the Iraqi environment minister, spoke of the challenges facing a country where temperatures routinely approach 50 degrees Celsius, or 122 Fahrenheit.
 
 

“Water scarcity has become an existential challenge in Iraq along side waves of drought, desertification and sand and dust storms,” he said. “The crisis threatens biodiversity, agriculture and undermines the livelihoods of local communities.”

And Bernadette Arakwiye, the Rwandan environment minister, spoke of floods in 2023 that killed 130 people and inflicted $200 million in damages in 24 hours. “This was not an isolated tragedy, but another example of how much damage can be done in one single climatic event,” she said.

 At a time when international cooperation is flagging and many countries are more focused on issues like trade and energy security, officials are hoping to use the U.N. summit to direct global attention to the dangers of climate change and the benefits of switching to cleaner forms of energy.

 

“There’s a real focus in these first few days on going back to basics, that climate change is real and it matters,” said Kaysie Brown, the associate director for climate diplomacy and geopolitics at E3G, a European research and advocacy group. “That basic message can’t be taken for granted.”

In between the warnings were calls to overhaul the modern economy

Prime Minister Pedro Sánchez of Spain said his country was working with other nations to place additional taxes on premium-class air travel and the use of private jets. “This is only fair,” he said. “Everyone needs to pay their due.” He added that he hoped to stop using public funds to finance new fossil fuel projects.

Many leaders also called for rich nations to make more money available to developing countries.

“We must reform the current global financial architecture to make capital more accessible and affordable for climate action in the developing world,” Mr. Kindiki, the Kenyan vice president, said.

The pleas for more money come at a time when aid is tough to come by. The amount of financial assistance that rich nations give to poor ones to adapt to storms, heat waves and other perils of climate change dropped 7 percent in 2023, according to the United Nations Environment Program.

A charitable fund for helping poor countries recover from extreme disasters, announced years ago, has not yet raised $1 billion and is not yet operational. But on Thursday, a new fund for protecting forests that promises financial returns to countries that contribute money raised more than $5 billion.

The debate over financing also comes as the Trump administration has sought to undermine global climate policies.

Mr. Kaneko of the Marshall Islands condemned the Trump administration’s efforts to scuttle a treaty that would have limited emissions from the shipping industry.

“The behavior last month around the International Maritime Organization was shocking,” he said. “It cannot happen again.”

World leaders also used their time to talk about issues beyond climate change. As often happens in international forums, geopolitical rivalries and grievances loom over every discussion, making it more difficult for countries to reach consensus.

Shina Ansari, the Iranian vice president, assailed the attacks on her country this year by the United States and Israel.

“This act not only violates international law and constitutes war crimes, but has also caused extensive and lasting environmental destruction,” she said.

Surangel Whipps Jr., the president of Palau, and Mr. Talia of Tuvalu called on Taiwan to be more fully integrated into the United Nations process.

President Xiomara Castro of Honduras took aim at Israel on Thursday, the first day of the summit. “Genocide against the Palestinian people in the Gaza Strip cannot go unpunished,” she said.

Edgars Rinkevics, the president of Latvia, spoke out against President Vladimir V. Putin of Russia on Thursday. “Russia’s aggression against Ukraine seeks to reshape the global order through conflict,” he said. “It takes human lives and inflicts harm on nature for no good reason.”

And Gustavo Petro, Colombia’s president, on Thursday criticized the Trump administration’s military buildup in the Caribbean. “We have the threat of invasion,” he said. “Invading Venezuela, or maybe threats to invade Colombia, invade Cuba.”

A tropical forest funding crunch

French President Emmanuel Macron and Brazilian President Luiz Inacio Lula da Silva at the COP30 Leaders Summit. Photographer: Dado Galdieri/Bloomberg




 

 World leaders are set to meet for day two of a summit in Brazil to discuss their climate commitments. The meeting is a setup for the main event: COP30, which kicks off Monday and will draw thousands of delegates to the Amazon for two weeks of negotiations.

 

A $5 billion start

By Daniel Carvalho and Dayanne Sousa

Brazil’s main plan to protect the Amazon rainforest, the centerpiece of its COP30 climate agenda, is moving ahead — with Norway playing a key role in its launch, though initial funding falls well short of expectations.

The Tropical Forest Forever Facility, or TFFF, designed to support the conservation of endangered forests worldwide, will receive around $5 billion in pledged contributions — far short of its $25 billion target. Norway and France have agreed to join Brazil in investing in the fund, while Germany will announce its contribution on Friday, Brazilian ministers said on Thursday.

“It is an unprecedented initiative,” President Luiz Inácio Lula da Silva said earlier at the launch of the fund in the Amazonian city of Belém. “Forests are worth far more standing than felled.”

 

The new fund could play a pivotal role in forest protection as the current climate policies and green finance remain insufficient to address the magnitude of the global challenge, said Lula, who is presiding over this year’s United Nations climate summit.

The TFFF is Brazil’s signature initiative at COP30, with initial ambitions for pledges of $25 billion that could be leveraged to create a $125 billion vehicle aimed at preserving tropical forests. Finance Minister Fernando Haddad said at the Bloomberg Green at COP30 conference in São Paulo on Tuesday that he believed the fund may raise $10 billion by next year.

The funds will be placed in a diversified portfolio designed both to repay investors and to reward countries for conserving their forests. Under the plan, nations will receive a fee for every hectare of forest conserved. Brazil, Colombia, Indonesia and the Democratic Republic of Congo are among the countries that would benefit most.

“We achieved over 50% of what we had imagined for the end of next year, and we will keep working,” said Haddad in Belém. “The initial investment that’s being done is auspicious. You can anticipate that, after this first investment that we will have a very good start.”

Fernando Haddad Photographer: Jonne Roriz/Bloomberg

 

Norway pledged about $3 billion in loans over 10 years, which will be disbursed through 2035 and must be repaid by 2075, according to a government statement on Thursday.

The funding comes with conditions: the TFFF needs to secure at least 100 billion Norwegian kroner ($9.8 billion) from other donors by 2026; Norway won’t provide more than 20% of the total financing; and the funding model must be sustainable and maintain an acceptable level of risk.

Over 50 countries have endorsed the declaration of support for the launch of the fund. Other countries that haven’t announced investments are still engaged in conversations, including China, the Netherlands and the United Arab Emirates, according to Haddad.

Brazil’s efforts to convince developed countries to invest in the fund were made difficult at a moment when potential investors face budget constraints.

The absence of an announcement of investment from the UK, for example, was noticeable in a time when the country is trying to tackle its surging debt burden.

The fund uses a blended finance model, seeking to invest its assets to generate a higher return than what it owes investors, and then using the difference to fund rainforest preservation.

That “spread is not a money faucet, but a risk premium,” BloombergNEF analysts wrote in a factbook about biodiversity finance published Thursday. “Poor performance of emerging market assets, which face a diverse host of economic and political risks, will not only nullify forest payments, but also see development finance absorb private investor losses.”

Wednesday, November 5, 2025

William criticises Amazon deforestation crime in Brazil visit


 
Daniela Relph,Royal correspondent, Rio de Janeiro and
Hafsa Khalil
 
 

The Prince of Wales has criticised criminals involved in the deforestation in the Amazon rainforest, during a speech in Rio de Janeiro.

William was speaking at the United for Wildlife conference on Tuesday as part of his royal visit to Brazil.

"In the past year alone, over 1.7 million hectares of the Amazon were cleared across this region... much of which is driven by illicit activity," he told the audience.

Earlier, William visited the small Brazilian island of Paqueta - home to a population of just 4,000 - where he was greeted by dozens of people and given a baby to hold.

 

After a first day consisting of an official welcome with football in the Maracana Stadium and barefoot beach volleyball on Copacabana, the future king's second day in Brazil - and reason for visiting - was focused on the environment.

Hollywood star Leonardo Di Caprio recorded a video message at the summit, urging world leaders meeting in Brazil to "unite with courage and ambition".

Tuesday's wildlife summit organised by William - the first of its kind - highlighted the damage caused by environmental crime, and the prince announced a new fund for wildlife rangers.

William described Latin America as a "global leader in biodiversity and environmental conservation".

He criticised deforestation linked to criminal gangs, saying: "This crime fuels violence and corruption, distorts legitimate economies, and negatively impacts the livelihoods of millions."

But he ended on an optimistic note: "We must stand alongside those who everyday are standing up and defending nature.

"We must recognise and celebrate these protectors, not just in words but through our actions. And we must act together."

Prince William is in Brazil to present the Earthshot Prize, the annual award from the charity he set up, on Wednesday.

He is also scheduled to give a speech at COP30, the UN's annual climate meeting where governments discuss how to limit and prepare for further climate change, the following day.

Many of Paqueta's residents came to see the prince and grab a photo with him

Earlier on Tuesday he was taken by a Brazilian navy boat to the island of Paqueta, known for producing the West Ham and Brazil footballer, Lucas Paqueta.

During a walkabout in the harbour, 10-month-old Joaquim Monteiro was thrust into his arms.

"Mustn't drop him," joked the father of three as he gave Joaquim a cuddle before handing him back to his grandparents.

Andre Luis Junior, the baby's cousin and a teacher, said: "We are so happy he chose this very small island.

"We're very unique in the heart of Rio. Very quiet. We love that he chose to come here. The kids in school were so excited today."

Ten-month-old Joaquim Monteiro was thrust into the prince's arms

Just an hour away from Rio de Janeiro by boat, Paqueta is an escape from the intensity of the city.

Cars are not allowed on the island with all travel is done on foot, by car or in carriages.

The pace of life is slow but the biodiversity of the region is rich.

Back on the water, the prince was taken by boat into Guanabara Bay and shown the mangroves.

The trees and shrubs which make up the mangroves are a protected area of natural beauty that has been replanted following deforestation.

Their benefits are vast, from storing carbon to acting as buffer zones in stormy weather.

But they need conserving.

Prince William was part of that conservation work planting saplings in the bay to ensure the survival of the mangroves.

"I hope they grow well, " Prince William said. "Next time I come all this will all be mangroves."

Prince William planted new trees during a visit to the mangrove area

While on Paqueta, the future king also spoke to local residents, with retired lawyer Glaucia Martinez, 60, saying he asked her about Paqueta.

"I said that it's safe, it's charming, and it's a good place to live," she said, adding that they all "live in peace".

"People here, they are good, good people, you know, honest people," she told the prince, before expressing her love for the Princess of Wales.

"And I said that I love Kate."

Paqueta's mayor Rodrigo Toledo said it was "very important " for the prince to visit because the island is "totally dedicated to environmental protection and we know that Prince William has dedicated his life to this agenda".

The Earthshot Prize Awards Ceremony will be held in Rio's futuristic Museum of Tomorrow. Kylie Minogue and Shawn Mendes will perform at the event on Wednesday evening.

Five projects will each win a million pound prize for their environmental innovations. The shortlist includes the city of Guangzhou in China and its electric public transport network and Lagos Fashion Week in Nigeria, nominated for its work reshaping the fashion industry.

Prince William will be concluding his Brazil visit with his COP30 appearance in Belem, in the Amazon rainforest.

It marks the first time he has travelled internationally for a COP summit, with his father, King Charles III, having previously paved the way for the royals.

The prince accompanied his father to the summit when it was held in Glasgow in 2021, two weeks after the first Earthshot Prize.

The prize annually awards a £1m grant in five different categories for projects that aim to repair the world's climate - and the prince has committed himself to it for 10 years, with Rio marking a halfway point for the venture.

Prince William's visit to Brazil is the most significant royal engagement he will make this year, and is the first official visit since the crisis surrounding his uncle Andrew.

Saturday, November 1, 2025

The Brazilian Amazon will be in the spotlight next week as the first batch of COP30-related events kicks off

 





Belém Builds its Hopes on COP

By Fabiano Maisonnave

Belém, the gateway to the Amazon rainforest, is alive with anticipation. Just days before COP30, the world’s largest climate summit, new venues are opening almost daily, roads are being widened, and parks, cultural centers, restaurants and bars are springing up as construction crews race to prepare the Brazilian city for more than 50,000 visitors expected for the event. Yet, many Belenenses are missing the buzz.


The city of more than 1.3 million inhabitants in the northern state of Pará has been undergoing sweeping changes in recent years, driven by roughly $1 billion in investments to revitalize one of Brazil’s oldest — and poorest — state capitals. But an exodus of residents in search of jobs and a better quality of life has also made it one of the Brazilian cities with the sharpest population declines.

In many ways, Belém tells the story of urban Amazonia, a region rich in resources but short on opportunity. Dependent on mining, agriculture and energy, its economy offers limited formal jobs.

Belém has the highest proportion of slums among Brazil’s capitals. Some of these are stilt houses built over river waters in the city center, which flood from time to time. Others are clusters of wooden homes spread across low-lying outskirts, most without access to the public water network.


 

The choice of Belém for COP30 underscores an effort to spur economic development. Preparations to host a global event have brought the kind of investment the city hasn’t witnessed in years.

“There is a very strong expectation that COP will change our destiny,” says singer Fafá de Belém, one of Brazil’s most iconic artists, about her native city. 

Along with stalls at Ver-o-Peso, the Amazon’s largest open-air market, a growing number of upscale restaurants showcase its distinctive cuisine, a blend of seafood and rainforest flavors such as tacacá, a hot broth that mixes cassava, a shrimp that lives in brackish water, and jambu, an Amazonian plant famous for its numbing and tingling effect inside the mouth.

The Ver-o-Peso market complex in Belém. Photographer: Alessandro Falco/Bloomberg

 

Rhythms born in the region, such as the sensual lambada, have spread across Brazil and the world. The city’s striking architecture is showcased in classical landmarks such as the Theatro da Paz (Peace Theater). Inspired by Milan’s Teatro alla Scala, it embodies the opulence of the era when the Amazon enjoyed a global monopoly on rubber production.

Although much of the rainforest surrounding Belém has vanished, the city still preserves fragments that evoke its former splendor. On nearby Combu Island, visitors can wander through a flooded forest and admire a towering sumaúma tree — known as the “mother of the forest,” — while the Utinga Park offers tranquil trails shaded by tall native trees.

Still, tourism in Belém remains largely underdeveloped. Just over 33,000 foreigners visited Pará state in 2024, compared with more than 1.5 million visitors to Rio de Janeiro state, according to official data. The Brazilian Tourist Board says there are still no studies on the potential impact of COP30 on Belém’s tourism industry.

In early October, President Luiz Inácio Lula da Silva visited Belém to inaugurate the new projects. “If we improve the quality of life for the people of Belém, it means increasing the chances of attracting more tourists,” he said at the ceremony.

One of most visible changes brought by COP30 works can be seen along Belém’s waterfront, where the revamped Docas — a onetime port district now bustling with shops and restaurants — joins a new linear park built along a canalized river and the Amazônias Museum, whose debut exhibition showcases a sweeping collection of photographs by the late Sebastião Salgado.

Just a few blocks away, however, trash piles up along streets lined with empty, crumbling buildings where homeless people wander.

COP30 will leave a lasting mark on Belém, says the Pará state government, which is leading the city’s infrastructure overhaul. At its center will be Parque da Cidade — the conference’s main venue — which is expected to turn into a public park about the size of Washington’s National Mall once the summit ends.

Amid criticism from residents and local media for failing to complete most of the planned sanitation and macro-drainage works in time for the summit, the state government has pledged $3.6 billion in investments over the coming years to complete Belém’s sewage system by 2033. 

“I’m very worried about the post-COP hangover,” says Fafá de Belém. “The city is under big, structural reforms, and that can’t stop after the event. We have to hold the government accountable, but we also have to learn how to preserve.”

 

The US skips COP

High-level US representatives are staying away from the UN climate negotiations in Brazil, even as President Donald Trump seeks to influence energy policy globally.

The US won’t be sending any senior representatives to the COP30 climate summit, according to a White House official.

Other world leaders — including Chinese President Xi Jinping — are also set to skip summit events beginning next week in Belém, Brazil. Although 143 nations will have delegations at the UN negotiations, just 57 heads of state and government are now slated to attend official summit events, the COP30 presidency said in Brasília on Friday.

But European leaders are likely to show up in force, signaling the region still sees itself as a champion of climate ambition. The EU is set to push for more global efforts to cut emissions and is weighing signing up to global initiatives on carbon markets and sustainable fuels.


 

Friday, October 10, 2025

Prince William to attend Cop30 UN climate summit in Brazil. Prince of Wales’s decision welcomed as a means of drawing attention to the event and galvanising talks

 

Prince William will also present the Earthshot prize, a global environmental award, while he is in Brazil. Photograph: Chris Jackson/AFP/Getty Images

by 




 

 The Prince of Wales will attend the crunch Cop30 UN climate summit in Brazil next month, the Guardian has learned, but whether the prime minister will go is still to be decided.

Prince William will present the Earthshot prize, a global environmental award and attend the meeting of representatives of more than 190 governments in Belém.

Environmental experts welcomed the prince’s attendance. Solitaire Townsend, the co-founder of the Futerra consultancy, said it would lift what is likely to be a difficult summit, at which the world must agree fresh targets on reducing greenhouse gas emissions.

“Is Prince William attending Cop a stunt? Yes. But that doesn’t mean it’s a bad idea,” she said. “Cop has long been as much about so-called ‘optics’ as it is negotiations. Prince William’s announcement will likely encourage other leaders to commit, and will have the global media sitting up to attention.

“I suspect HRH knows very well that by showing up, he’ll drag millions of eyes to the event. In an era when climate impacts are growing, but media coverage dropping, anything that draws attention should be celebrated.”

King Charles has attended previous Cops, but will not be going to this one.

 

Gareth Redmond-King of the Energy & Climate Intelligence Unit, an environmental thinktank, said: “All hands on deck – and any prominent, high-profile individual like the Prince of Wales, there helping make the case for the difficult job that needs doing, is almost certainly a good thing.

“[King Charles] was the Prince of Wales when he went to Cop26 [in Glasgow in 2021] and pitched in to help galvanise talks. I don’t think it necessarily needs both of them to go.”

The British prime minister, Keir Starmer, has not yet said whether he will attend the summit, to which all world leaders are invited, with scores already confirmed. He was heavily criticised by leading environmental voices, including the former UN secretary general Ban Ki-moon and the former Irish president Mary Robinson, for appearing to waver on the decision late last month.

Ban said: “World leaders must be in Belém for Cop30. Attendance is not a courtesy, it is a test of leadership. This is the moment to lock in stronger national commitments and the finance to deliver them, especially for adaptation” to the effects of the climate crisis.

“The world is watching, and history will remember who showed up.”

 

Brazil

COP 30 - Belem do Para

Brazil - Amazonia

Monday, June 16, 2025

Bank unveils green loans plan to unlock trillions for climate finance. IADB’s proposals involve lenders using public money to buy up renewable energy loans in poor countries


 
A street in San Pedro Sula, Honduras, devastated by a hurricane. IADB says the green loans proposal could be an ‘engine’ for growth. Photograph: Delmer Martínez/AP

 

Environment editor
 
 

An innovative plan to use public money to back renewable energy loans in the developing world could liberate cash from the private sector for urgently needed climate finance.

Avinash Persaud, a special adviser on climate change to the president of the Inter-American Development Bank (IADB), who developed the proposals, believes the plan could drive tens of billions of new investment in the fledgling green economy in poorer countries within a few years, and could provide the bulk of the $1.3tn in annual climate finance promised to the developing world by 2035.

“This could be an engine for green growth, and produce the trillions needed for climate finance in the future,” he told the Guardian. “It could be a transformation.”

 

His ideas will be set out in detail at a UN meeting in Germany this week, kicking off negotiations for the Cop30 climate summit that will take place in Brazil this November against a worrying global background for the discussions.

Having missed a deadline in February, the world’s largest economies still need to submit plans for their greenhouse gas emissionsbefore the Brazil summit, but so far only a few have done do so.

But research seen by the Guardian, carried out by the campaign group Oil Change International, shows that many developed countries are still planning to expand their extraction of oil and gas, despite promising at Cop28 in 2023 to “transition away from fossil fuels”.

The analysis found that the US, Canada, Norway and Australia were responsible for 70% of projected new oil and gas expansion in 2025-35.

Romain Ioualalen, the global policy lead at Oil Change International, said: “It is sickening that countries with the highest incomes and outsized historical responsibility for causing the climate crisis are planning massive oil and gas expansion with no regard for the lives and livelihoods at stake.”

At the two-week meeting in Bonn, which ends on 26 June, the vital issue of finance for developing countries – which they need in order to cut their emissions and cope with the impacts of extreme weather – will also come to the fore.

The proposals by Persaud and others to buy up loans to renewable energy projects in the developing world could allow billions of dollars of private sector cash to flood the sector, in a big boost to global climate finance.

The plan, which is being pioneered by the IADB, would involve getting taxpayer-funded development banks to buy existing loans to green projects in poor countries, which would free up investment from private sector lenders.

Such loans are relatively low risk because they are already performing – but because they are in developing countries, with credit ratings lower than those of rich states – mainstream private sector investors such as pension funds are often forbidden from touching them because of their strict rules on credit worthiness.

But if those loans are backed instead by development banks, which can provide guarantees against default, and which themselves have impeccable credit ratings, the “repackaged” loan finance can meet private sector criteria.

 

The Barbados PM, Mia Mottley, who launched a blistering attack on rich countries at Cop27 climate talks. Photograph: Independent Photo Agency Srl/Alamy

 

“The lightbulb moment was realising there was $50bn in performing green loans in Latin America,” said Persaud, a former adviser to Barbados’s prime minister, Mia Mottley, who has championed climate finance. “Why not buy that to enable new projects to be created?”

Key to the concept is that when the loans are bought up by the development banks, which pay a small premium to the current private sector creditors that own the loans, the originators of the renewable energy projects must agree to use the finance they gain access to in new projects.

This creates a “virtuous circle”, by which when the loans are bought up, developers – who already have expertise in setting up successful renewable energy schemes – seek new opportunities, which leads to further investment.

IADB is working on launching the programme now, and is expected to send a request for proposals within the next few months, before Cop30. The initial portfolio of loans is likely to be about $500m to £1bn.

Several private and public sector experts said Persaud’s ideas could have a big impact.

Mattia Romani, a senior partner at Systemiq, a consultancy that is working with Cop30 on climate finance, said: “It is a very powerful initiative, both pragmatic and innovative. Given the constraints we will inevitably face in the coming years, securitisation is one of the few realistic tools to reach [the sums needed].

“This initiative is designed to unlock institutional capital by leveraging the balance sheets of domestic commercial banks – securitising their loans so that they can meet the fiduciary needs of institutional investors, and turning them into engines for transition finance. What’s new is the direct engagement with local banks – we are starting with a pilot in Latin America.”

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