Brazil, at G20-COP28 event, joins Global Climate Finance Framework to align climate investment and drive socio-economic development
RIO DE JANEIRO, July 25, 2024 /PRNewswire/ — At a joint G20-COP28 event on sustainable finance, Brazil today endorsed the UAE Declaration of Leaders on a Global Climate Finance Framework, launched by key world leaders at COP28, building momentum towards the Framework’s goal of developing a new climate finance architecture that unlocks the investment opportunity of climate action.
The endorsement from Brazil, which will also host COP30 in 2025, provides a vital link between the agendas of the COP Presidencies and the G20, to make sustainable finance more available, accessible and affordable.
Minister of Finance Fernando Haddad announced the endorsement in Rio de Janeiro today, on the sidelines of the G20 Finance Ministers and Central Bank Governors meetings, as Brazil became the sixth G20 country to endorse the Framework alongside France, Germany, the United Kingdom, the United States, and India.
To date, 15 countries representing a significant share of global GDP have joined the Framework as signatories.
Brazil’s endorsement will also ensure greater continuity in future COPs. The COP Presidencies Troika – comprising the UAE, Azerbaijan, and Brazil – has continued to enhance international cooperation to close the adaptation finance gap and raise ambition in the next round of Nationally Determined Contributions (NDCs).
“To deliver on the climate ambitions set out in the UAE Consensus, we need all sources of finance – public, private and philanthropic,” His Excellency Mohamed Al Hussaini, UAE Minister of State for Financial Affairs, said. “Climate investments must be recognized as an unprecedented opportunity for economic growth and shared prosperity, and the COP28 Global Climate Finance Framework places finance ministries in a leading role to drive this forward. The UAE stands ready to address the sustainable finance gap with concrete action.
“We welcome Brazil’s recognition of the Framework today. This decision ensures that the progress made at COP28 will not only be upheld by Brazil through its ambitious agenda on sustainable finance during its G20 Presidency but carried forward through to its role as COP30 host in 2025.”
“Our sustainable finance agenda in the G20 focus on pushing for reforms of the global financial architecture to support just transitions in the world and is well aligned with the Global Climate Finance Framework. We see great value in reinforcing coherence between G20 and COP deliverables on sustainable finance”, said Ambassador Tatiana Rosito, Vice-minister for International Affairs at the Ministry of Finance and Coordinator of the G20 Finance Track.
“The Global Climate Finance Framework delivers a holistic, comprehensive effort to combat climate change and unlock much-needed climate finance – a key enabler for strengthening the next cycle of NDCs, climate adaptation and resilience,” said Majid Al Suwaidi, COP28 Director General.
“As a champion of the Global South, Brazil’s endorsement of the Framework will ensure greater alignment with its ambitious G20 Presidency agenda on sustainable finance, help drive sustainable socio-economic growth and provide continuity in climate finance from Baku to Belém and beyond.”
The Global Climate Finance Framework, which builds on the momentum of initiatives such as the Bridgetown Agenda championed by Hon. Mia Mottley, and the Africa Climate Summit championed by President Ruto, provides a robust platform to measure progress made by all key actors in climate finance across the private and public sectors, including MDBs and international financial institutions (IFIs).
The Framework provides 10 defining principles, covering all action areas on the climate finance agenda, including MDB and IFI reform, driving country platforms and delivering on existing commitments such as mobilizing funding for developing countries and replenishment of the Green Climate Fund.
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