COP30 may see inking of key $1.3tn deal to bridge climate financing gap

The proposals come as the financing gap for climate action reaches alarming levels

A coalition of finance ministers from 35 countries, including India, has unveiled a five-point strategy to mobilise $1.3 trillion annually for climate finance, ahead of crucial negotiations at COP30 in Belém next month.

The recommendations will serve as a key document for finance negotiations at COP30, scheduled for November 10-21 in Belém, Brazil. (Bloomberg)

The recommendations, released in Washington on October 15, call for scaling up concessional finance, reforming multilateral development banks (MDBs), boosting domestic capacity, mobilising private capital, and strengthening regulatory frameworks for climate finance.

The proposals come as the financing gap for climate action reaches alarming levels. According to