Brazil Joins Global Climate Finance Framework

Brazil, under its G20 presidency, has announced its endorsement of the UAE’s Global Climate Finance Framework, launched by global leaders at COP28.

This move aims to build momentum towards developing a global climate finance structure and stimulating investment opportunities for climate action.

The endorsement by Brazil, which will host COP30 in Belém in 2025, reflects coordination between the COP and G20 presidencies to provide accessible and affordable climate financing.

UAE Minister of State for Financial Affairs, Mohamed Al Hussaini, emphasized the necessity of financing from public, private, and philanthropic sectors to tackle climate challenges and achieve the ambitious goals set by the framework launched at COP28.

This announcement came during a sustainable finance event held alongside the G20 finance ministers and central bank governors meeting in Rio de Janeiro. The event was hosted by COP28, the G20 presidency, and the UAE Ministry of Finance.

The UAE is committed to addressing the sustainable finance gap with tangible steps and appreciates Brazil’s endorsement of the global climate finance framework. This endorsement aligns with Brazil's ongoing commitment to support the progress made at COP28 and its leadership of the G20.

COP28 Director General Ambassador Majid Al Suwaidi highlighted the comprehensive principles of the Global Climate Finance Framework to mobilize much-needed climate financing.

He stressed Brazil’s leadership in the Global South and the alignment of the framework with the G20’s sustainable finance agenda, which will drive sustainable economic and social growth.

Brazilian Finance Minister Fernando Haddad announced this initiative during the event titled “The Path from COP28 to the G20: Providing Accessible and Affordable Climate Finance.”

Brazil becomes the sixth G20 nation to join the UAE's framework, following France, Germany, the UK, the US, and India. In total, 15 countries have joined the framework, representing diverse geographical regions and a significant share of global GDP.

Brazil’s Deputy Finance Minister for International Affairs, Ambassador Tatiana Rosito, emphasized the alignment of the G20’s sustainable finance agenda with the Global Climate Finance Framework. This coordination ensures a unified approach to global climate finance challenges.

Brazil’s endorsement guarantees continued momentum in climate finance for future COP conferences.

The COP presidencies’ troika, consisting of the UAE, Azerbaijan, and Brazil, will continue to enhance international cooperation to address climate finance gaps and elevate ambitions in upcoming Nationally Determined Contributions (NDCs).

The Global Climate Finance Framework builds on initiatives like the Bridgetown Initiative led by Barbados Prime Minister Mia Mottley and the African Climate Summit Declaration spearheaded by Kenyan President William Ruto.