On Monday, the 13th, Minister of Economy Fernando Haddad introduced five strategic priorities in Brasília to increase climate financing in developing countries.

The announcement was made during the Pre-COP30 opening, the last ministerial meeting before the main conference, which takes place from the 6^th of November in Belém.

“On the eve of COP30, we have taken to Belém a clear message: there is a common path being built, with realism and ambition, so that financing serves the ecological transformation the world demands”, affirmed.

Haddad’s presence was highly anticipated and was only confirmed during the evening of Sunday, the 12^th. He leads the Circle of Finance Ministers, a pioneer initiative proposed by the Brazilian council in COP30 to discuss financial mechanisms focused on the climate.

Since April, the circle has worked as a structured platform for regular consultations throughout 2025, involving economy ministries, multilateral banks, civil society, the private sector, and international organizations.

According to the minister, over 25 formal appointments have been made, supported by three consecutive groups that provided technical orientation, aligned investment strategies, and ensured the inclusion of different perspectives on climate financing governance.

The five priorities of climate financing

The report with the five priorities cited by Haddad consolidates over 1,200 contributions from countries and institutions gathered throughout the year. An increase in concessional financing flows and climate funds is expected, with predictability and appropriate conditions, especially for adaptation and just transition.

Another central point is to reform the multilateral banks of development, making them more agile, integrated, and able to catalyze private capital.

The document also defends strengthening domestic capabilities and platforms of countries, improving institutional coordination, and the attractiveness of sustainable investments.

The agenda further promotes financial innovation and the mobilization of the private sector, with instruments that reduce risks and multiply the impact of available resources. Finally, it also proposes the improvement of regulatory marks in climate financing to ensure integrity, interoperability, and transparency.

In short, the priorities are:

1. To increase concessional financing flows and climate funds, ensuring predictability and adequate conditions, especially for fair adaptation and transition;
2. To reform multilateral development banks, making them more agile and capable of catalyzing private capital;
3. To strengthen countries’ domestic capacities and platforms, improving institutional coordination and attractiveness of sustainable investments;
4. To promote financial innovation and mobilize the private sector, with instruments that reduce risks and multiply the impact of available resources;
5. To improve regulatory marks in climate financing, ensuring integrity, interoperability, and transparency, thus increasing trust in the system.

Three initiatives for the Action Agenda

Besides the priorities, Haddad highlighted three further initiatives developed for the COP30 Action Agenda. The first is the Tropical Forest Forever Facility, which proposes a model based on investing, not only in donations.

The second is the Open Coalition for the Integration of Carbon Markets, which turned to the harmonization and interoperability of regulated markets. The third is Supertaxonomy, meant to ensure comparability and integrity among national taxonomies, orienting sustainable investments.

“These initiatives translate, practically, what the Circle has been defending: cooperation, innovation, and the scale to transform ambition into concrete results”, declared.

Introduction in Washington and delivery in Belém

The final report will be introduced still this week in Washington, during the Annual Meetings of the World Bank and the IMF. After that, it will be debated in São Paulo in early November.

The material reaches its final destination in Belém, where it will be delivered to the COP30 president as a contribution to the construction of the Map from Baku to Belém. This project, valued at US$1.3 trillion, is a climate financing compromise to developing countries by 2035, set in COP29.

Brasília’s Pre-COP gathers delegations from 66 countries and over 500 people, among them ministers, businessmen, representatives of civil society, and journalists. Although the Brazilian delegation has announced 72 confirmed others, the effective number of countries that sent representatives stayed at 66.

Among these are key nations in climate negotiations, such as China, India, the EU, the UK, and Australia. The list also includes countries that are particularly vulnerable to climate change, such as the Marshall Islands, Palau, Tuvalu, Vanuatu, and the Falklands, as well as significant developing economies.

In addition to climate finance, global indicators for measuring countries' climate adaptation, the just transition work program, and how to implement the Global Stocktake, the series of decisions taken at COP28 in Dubai in 2023, will be under discussion.