Access the policy analysis:

https://wecaninternational.org/climate-finance

Belém, Brazil — As countries gather for COP30, hosted in the Amazon, the Women’s Earth and Climate Action Network (WECAN) is releasing a new policy analysis, “Justice-Based Climate Finance for COP30 and Beyond,” which provides strategies for governments to advance effective and rights-based climate finance.

Climate-fueled weather disasters continue to drastically increase in countries worldwide, with the World Economic Forum stating that extreme weather could cause $145 billion in insured losses this year alone. However, despite contributing the least to historical emissions, many low-income countries lack adequate resources to respond to these climate-related damages. As an example, African countries are responsible for only 3% of cumulative global emissions from 1751 to 2017; yet, some African countries are spending up to 9% of their GDP in response to climate extremes. A foundational aspect of climate finance negotiations within the UNFCCC is the principle of “common but differentiated responsibilities and respective capabilities” (CBDR), which recognizes that countries that have contributed most to historical emissions have a greater role to play in addressing the climate crisis. Nevertheless, wealthy countries, which are responsible for the majority of historical emissions, continue to fall short of their proportional share of climate finance.

The report, “Justice-Based Climate Finance for COP30 and Beyond,” offers an in-depth analysis to address the ongoing climate crisis and the challenges facing finance negotiations. The authors outline the necessity of a rights-based approach to climate finance, which provides a framework for effectively reducing emissions and mitigating pollution while advancing equitable climate solutions and a Just Transition.

The policy analysis offers concrete recommendations to ensure that climate finance not only meets the goals of the Paris Agreement but also rectifies the deep-rooted inequalities that drive the climate crisis. Key recommendations for governments at COP30 include funding women’s and Indigenous Peoples' climate leadership and programs, integrating the care economy into climate finance, redirecting funds away from climate destruction and false solutions, financing in the form of grants rather than loans, and supporting community-led solutions and a Just Transition.

At COP29 in 2024, Parties agreed to a $300 billion New Collective Quantified Goal (NCQG), which falls vastly short of what low-income countries need to meet their climate goals. Economic analysts, civil society groups, and frontline communities continue to demand at least $5 trillion in annual climate finance from wealthy, high-emitting countries, who are well-positioned to mobilize that sum annually. Entering COP30, this climate finance gap may jeopardize vital progress on multilateral climate action.

During COP30, WECAN will coordinate several events and policy interventions focused on fossil fuel phaseout, regenerative economies, Just Transition, community-led solutions, and systemic change. Learn more here: https://www.wecaninternational.org/cop30