In Belém, consensus expected on expanding access to funding for ecological transition

G20 Brasil hopes for consensus on funding for the ecological transition and substantive solutions to keep the forest and its people in balance with sustainable development. Host of COP 30, the capital of Pará is already implementing resilient infrastructure policies against the effects of the climate crisis

In Belém, consensus on broadening access to Green Funds is crucial for financing ecological transition projects with social justice and low environmental impact solutions. The Brazilian presidency of the G20 is relying on consensus on broadening access to Green Funds for countries in the Global South and a toolbox of nature-based solutions with low environmental impact that can be implemented in different contexts at the third meeting of the Sustainable Finance working group, which is taking place this week in Belém, the capital of the state of Pará.

Ivan Oliveira, coordinator of the Finance Track WG on the subject, pointed out that the group is focused on consolidating significant deliveries to the forum's member countries to ensure funding for ecological transition projects with social justice. "We want the just transition agenda to be definitively incorporated by the world. Reducing carbon is not enough. We must keep the forest standing, ensure the wellness of the people who live in and off the forest in a development process that is more integrated with nature," said the economist.

Oliveira also highlighted that having the UNDP (United Nations Development Program) as the secretary of the Working Group (WG) and the United States co-chairing it with India—two global powers capable of aiding in the search for solutions and acting as "direct partners in investment and resource flows"—enhances the forum's ability to deliver concrete outcomes in sustainable finance.

Sustainable Belém

According to Edmilson Rodrigues, mayor of Belém, the city has 72% of its total territory subject to flooding, which includes the Baixadas de Belém, on the mainland, and the islands. More than half of the population lives in floodplains, which underlines the importance of nature-based urban solutions. The city is getting ready to host COP30 (the UN Framework Convention on Climate Change) in 2025.

"The global society is increasingly aware that the climate crisis is not just a concern for the future and that we must do more than mitigate it, seeking alternative paths to development. Climate finance is naturally fundamental for us in the Global South who are witnessing the crisis hit the most underprivileged populations," he said, defending the achievement of the United Nations Sustainable Development Goals as a guideline.

Rodrigues listed infrastructure actions resilient to the effects of climate change that have been implemented in the city, funded by multilateral development banks such as the IDB (Inter-American Development Bank), and international cooperation agreements with the European Union and the government of Spain, both part of the G20. "These initiatives reflect the municipality’s effort to raise funds from various sources and invest in this sustainable infrastructure in order to lift the population from areas of risk. The effort to avoid them making residence in these territories is permanent," the mayor noted.

See also