As Brazil readies for COP30 climate talks, finance ministers offer plan for $1.3 trillion in yearly finance

WASHINGTON/BRASILIA: A group of 35 finance ministers laid out suggestions on Wednesday for scaling climate finance to $1.3 trillion a year, a key demand by developing nations ahead of this year’s COP30 talks in Brazil.

In the first-of-its-kind report, the Circle of Finance Ministers led by Brazil proposes changes to financial areas such as credit ratings, insurance rates, and the lending priorities of development banks.

The 111-page document is meant as a guide for governments and financial institutions to boost the sums available for tackling…