The Baku-Belém Roadmap, part of the discussions on the New Collective Quantified Goal (NCQG) for Climate Finance at COP29 in Baku, is expected to outline a clear, actionable path to mobilize the necessary $1.3 trillion in climate finance by 2035. This finance is crucial for helping developing and vulnerable countries to implement their climate goals and build resilient economies.

The roadmap focuses on key objectives, including:

• Identifying and removing financial barriers.

• Reforming the global financial architecture to make institutions like multilateral development banks (MDBs) more effective.

• Promoting concrete solutions, such as leveraging private investment and creating innovative financial instruments.
  

Scheduled to be launched before COP30 in Belém under the leadership of the COP presidencies of Azerbaijan and Brazil, the Baku-Belém Roadmap has received input from MCII.

In its submission to the COP presidencies, MCII urged both immediate and long-term actions. Short-term priorities include expanding sovereign risk insurance and enhancing country-led climate strategies, building on experiences and successes like the Global Shield Against Climate Risks. For the long term, MCII calls for systemic reforms to the international financial architecture, urging MDBs to rebalance their portfolios toward adaptation and for the rechanneling of Special Drawing Rights (SDRs) toward climate resilience. The submission also includes policy proposals for moving forward after the roadmap's launch.

Submissions to the Baku-Belém Roadmap (including the one from MCII) can be accessed here: https://unfccc.int/topics/climate-finance/workstreams/baku-to-belem-roadmap-to-13t#Submissions