Statement of the Climate Action in Financial Institutions Initiative in San Francisco

A few weeks ago, COP30 concluded in Belém with all parties agreeing on a “global mobilization” (or mutirão) against climate change, proving that multilateralism remains a viable path for action, despite strong geopolitical and economic headwinds. However, Belém delivered underwhelming results: no roadmap to transition away from fossil fuels –despite a powerful push from President Lula, rallying over 80 countries, a lack of concrete decisions on deforestation –disappointing for an “Amazon COP”, and mixed results on the global goal on adaptation, among other outcomes.  

COP30 concluded with an agreement, proving that multilateralism is still alive. However, the results are underwhelming: no push to transition away from fossil fuels, no decision on deforestation, and mixed outcomes on adaptation metrics.  On climate finance, Belém failed to shift from ambition to implementation. Negotiations quickly drifted back to a battle on yet another high-level quantitative target. The decision to triple adaptation funding by 2035 disappointed many, with its distant time horizon, lack of baseline and non-binding wording. COP30 also missed the opportunity to engage with – and build consensus around – concrete measures outlined in the Baku to Belém roadmap to get to $1.3 trillion. Instead, it defaulted to launching new processes – a work programme on climate finance and a ministerial roundtable on the NCQG.  

The climate and development finance gap is large and widening, as Official Development Assistance (ODA) declines and needs multiply. With shrinking fiscal space in vulnerable countries, solidarity levies are gaining attention as a predictable source of international finance. Launched at COP28 by Barbados, France, and Kenya, the Global Solidarity Levies Task Force (GSLTF) is the main initiative in this space.