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UN Climate Change – Global Climate Action
15 November 2025
Top of the COP
Climate High-Level Champions'
Newsletter
COP 30 Advances Climate Finance and Fast Action on Super Pollutants
Finance day at COP: Global Super-Taxonomy aims to standardize sustainable investment across 60+ countries; multilateral development banks work to unlock private capital for nature and climate projects; action on super-pollutants aims to cut fast-warming gases in developing countries.
Saturday 15th November
Welcome to Top of the COP, a daily roundup of the Global Climate Action Agenda highlights, brought to you by the Climate High-Level Champions.
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Driving the Day:
As COP 30 unfolds in Belém, Brazil – at the edge of the world's largest tropical rainforest – UN Secretary-General António Guterres has set the tone: "It's no longer time for negotiations. It's time for implementation, implementation and implementation". The conference runs through November 21st, and the pressure to deliver is acute.
Today the Global Climate Action Agenda is looking at two big problems: the ‘money’ problem and the ‘methane’ problem (along with other ‘super pollutants’).
When it comes to the money problem, the question is what implementation looks like for climate finance. Climate finance sits in cross-cutting Axis 6 of the Global Climate Action Agenda – enabling and empowering everything from adaptation and resilience to nature protection, clean energy transitions, and beyond. Last year at COP 29 in Baku, countries agreed to triple finance to developing countries to USD 300 billion annually by 2035, called on all actors to scale up total public and private finance to developing countries to at least USD 1.3 trillion per year by 2035, and launched the ‘Baku-to-Belém Roadmap’.
But getting that money to flow efficiently requires fixing a number of barriers. For example, investors need a common language – clear standards for what counts as ‘sustainable’ so capital can move across borders without confusion or greenwashing. Second, even the best projects may need guarantees to make them bankable for private lenders who see developing countries as too risky. If you've ever tried to use a credit card abroad and hit currency conversion fees, you understand the translation barrier. If you've needed a co-signer for a loan, you understand the risk barrier. Today's announcements tackle both.
Meanwhile, while carbon dioxide dominates climate headlines, a group of ‘super pollutants’ – methane, black carbon, and similar gases – are quietly creating catastrophic near-term warming. The good news is that unlike CO2, which lingers for centuries, these gases disappear relatively quickly. That means cutting them delivers fast climate benefits.
Which sets the stage for today's announcements…
Common Language for Green Finance Unlocks Private Capital Towards Baku USD 1.3 Trillion Goal
Two linked initiatives today promise to reshape how sustainable finance works worldwide. Together, the Brazilian Sustainable Taxonomy (BST) and a new Global Super-Taxonomy aim to establish a common financial language for what counts as ‘sustainable’ – while allowing countries to keep full control of their own standards.
a.. The BST is Brazil’s first national sustainable finance taxonomy and one of the world’s most comprehensive. It defines which investments qualify as sustainable based on climate mitigation and adaptation finance, as well as incorporating social criteria, including gender and racial equity – offering a robust framework to guide capital flows toward resilient, inclusive development.
b.. The Super-Taxonomy takes the next step: creating a system that allows taxonomies across countries to be compared and translated into one another. Rather than imposing a single global standard, it creates interoperability, enabling investors to assess sustainability claims across borders, all coordinated under a COP 30 Plan to Accelerate Solutions on Super Taxonomy. The plan includes a Taxonomy Roadmap that aims to align more than 60 national taxonomies, helping countries attract private capital and reducing transaction costs – especially critical since fewer than one-third of developing countries currently have taxonomies in place.
Why this matters:
Imagine that an investor in Canada wants to fund solar projects in 'Country A' and wind farms in 'Country B,' but can't compare them. Country A might classify an activity as ‘green’ that Country B considers neutral. Both might accept projects that another country would flag as greenwashing. The investor, uncertain which standards to trust, simply invests elsewhere – in more familiar markets with clearer rules. Without clear definitions, capital that could be funding the energy transition sits idle, or worse, flows into projects falsely marketed as sustainable.
In Brazil alone, more than 400 billion Brazilian reals (roughly USD 80 billion) in ‘sustainable’ securities currently use inconsistent criteria. Multiply that confusion globally, and you have a massive greenwashing risk that scares away legitimate capital. By establishing clear rules on whether projects provide substantial contribution to climate protection or merely ‘do no significant harm’, the system provides a foundation for credible sustainable finance.
MDBs Scale Credit Enhancement to Make Nature and Climate Projects Bankable
A push to unlock private capital for climate and nature also landed today in Belém. Multilateral development banks signaled a coordinated shift toward using credit enhancements at far greater scale to help vulnerable countries access climate finance.
First, the Task Force on Credit Enhancement for Sustainability-linked Financing, previously launched at COP 28, announced a strengthened mandate and a new set of recommendations aimed squarely at one problem: Emerging markets and developing economies are being priced out of the transition just as their financing needs soar past USD 4 trillion. The Task Force will now move to a full implementation platform, aiming to standardize how multilateral development banks deploy guarantees so they can mobilize private capital more quickly and at much larger volumes. Their efforts help support the Baku to Belém Roadmap, which aims to unlock USD 1.3 trillion per year by 2035 across all sources of climate finance for developing countries.
Also announced at COP 30, a group of multilateral development banks published a set of recommended metrics for measuring impact and accelerating investment in nature projects, under the Belem Framework for Nature Finance. The guide tackles a critical problem: over 600 indicators and hundreds of metrics currently exist for nature projects, often tracking activities rather than actual ecological outcomes – creating confusion that scares away investors. The Guide is being used on a pilot basis by the Inter-American Development Bank Group in support of the fourth EcoInvest auction, which expands long-term financing for bioeconomy and nature-based projects with defined biodiversity outcomes. EcoInvest has already raised more than USD 13 billion in its first three auctions.
Why this matters:
Credit-enhanced sustainability-linked financing (SSLF) is already delivering real results for emerging markets and developing economies. To date, two countries have secured credit-enhanced sustainability-linked loans totaling USD 802 million, while seven countries have completed nine debt conversions, enabling the repurchase of USD 6.5 billion in sovereign debt and freeing up an estimated USD 2 billion for investments in nature, resilience, and social development.
For example Ecuador closed the world's largest debt-for-nature swap, buying back roughly USD 1.6 billion of debt for USD 644 million – a nearly 60% discount – saving the country around USD 1 billion in repayments over 17 years. The government committed to spending USD 18 million annually for 20 years on conservation in the Galápagos Islands. In December 2024, Ecuador announced a second conversion raising USD 460 million for Amazon rainforest protection.
A Climate Emergency Brake – Support for 30 Developing Countries to Slash Super Pollutants
The Super Pollutant Country Action Accelerator kicks off at COP 30, part of a Plan to Accelerate Solutions which will help 30 developing countries cut dangerous super pollutant gases by 2030. The Accelerator begins with USD 25 million for seven pioneer countries, including Indonesia, Nigeria, and Mexico, scaling to USD 150 million in its first phase. Each country receives approximately USD 4-5 million over three years, with funding tied to clear national milestones.
The initiative is modelled on the successful Montreal Protocol which halted the use of ozone damaging chemicals. It will improve measurement, end routine flaring of gases by oil and gas producers, cut waste and agricultural emissions, and help countries shift to cleaner technologies.
Why this matters:
Super pollutants, such as black carbon and methane create a perfect storm for people and economies:
a.. Driving lethal near-term warming – contributing over half a degree of warming that can still be avoided by 2050.
b.. Worsening air pollution – that causes nearly 8 million premature deaths a year, costing the world as much as 6.5% of GDP in health impacts and lost productivity.
Cutting these pollutants is one of the fastest ways to simultaneously protect climate stability, public health, and food supplies. Yet despite cost-effective solutions already existing, super pollutant action remains critically underfunded. For instance, methane mitigation received less than 2% of global climate finance between 2021–2022, according to a 2023 report by the Climate Policy Initiative.
News In Brief
a.. The Open Coalition for Compliance Carbon Markets is bringing together countries to improve transparency, alignment, and cooperation across carbon pricing systems. With the carbon pricing market expanding rapidly – generating USD 100 billion in 2024 – the Coalition will strengthen a shared understanding of what “credible” carbon markets look like by aligning measurement practices, accounting rules, and high-integrity approaches to offsets. The Coalition will also explore future interoperability between national schemes, and work alongside existing global efforts – such as the World Bank’s new carbon-market funding tools. By aligning with these efforts, the Coalition can help countries build carbon pricing systems that are more credible, fair, and easy to compare, ultimately making carbon markets stronger and more ambitious.
b.. GAWA Capital announced that the Kuali Fund – its climate adaptation investment vehicle supporting smallholder farmers and small and medium-sized enterprises (MSMEs) in emerging markets – is on track to reach EUR 195 million in commitments by year-end, following new investor backing. GAWA Capital is an impact investment firm focused on directing public and private finance toward underserved communities, and this third fundraising round (essentially its final step before full deployment) positions the fund to scale practical, locally driven resilience solutions such as climate-smart agriculture, water-efficient technologies, and risk-reducing financial tools. The surge in investor interest reflects growing recognition that adaptation is both urgent and investable, fully aligned with the COP 30 call to expand access to adaptation finance and strengthen frontline resilience.
In case you missed it
a.. IDB Launches ‘FX Edge’ – Breaking Currency Barriers To Unlock USD 3.4 Billion: The Inter-American Development Bank (IDB) has launched FX EDGE, the first programme designed to insulate foreign investors from currency risk. Sudden swings in currency often make bankable clean energy projects univiable, leaving critical projects unfunded. FX EDGE introduces long-term currency hedging tools to help Latin America and Caribbean governments to unlock billions in secure affordable, stable financing.
b.. Insurance Could Unlock Billions for Regenerative Agriculture: A new white paper Rooted in Resilience, from Howden Group, in partnership with Boston Consulting Group and the Climate High-Level Champions, shows how insurance can unlock large-scale financing for regenerative agriculture and re/afforestation by reducing risk and improving transparency. The report highlights that while agriculture and land-use systems need USD 250–430 billion annually to scale globally, only around USD 44 billion currently flows into them – meaning insurance could play a pivotal role in bridging that gap.
c.. USD 200 Million Impact Bond on Weather and Climate Data Opens: The World Meteorological Organization (WMO) and partners today called for support for The Systematic Observations Financing Facility (SOFF), the world’s first Impact Bond for Weather and Climate Data. If backing reaches the USD 200 million target the bond could quintuple internationally shared weather and climate data, helping 30 Least Developed Countries and Small Island Developing States close critical climate data gaps – unlocking more than USD 160 billion in wider economic benefits.
d.. The Investors Resilience Challenge, launched by the UNEP Finance Initiative (UNEP FI) and development finance partners, has introduced a common framework to help private investors qualify and scale finance for climate adaptation and resilience projects in emerging economies. The initiative addresses the lack of a clear definition of climate resilience, so that investors can identify credible projects, compare them easily across countries, and ultimately invest where capital is most needed.
For media enquires please contact: christineluby at climatechampions.team
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From: Global Climate Action <globalclimateaction at unfccc.int>
Date: сб, 15 нояб. 2025 г. в 16:29
Subject: Vladimir, here is the latest news from the Climate High-Level Champions!
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