G77 warns climate financing falls short for developing nations

Shafaq News – Brasilia

Climate financing remains a major challenge for developing countries, Iraq’s Permanent Representative to the United Nations, Ambassador Lukman Faily said on Thursday.

Speaking at the COP30 opening in Belem, Brazil, Faily delivered the G77 and China’s statement—representing more than 130 developing nations—stressing that the tenth anniversary of the Paris Agreement requires a serious assessment of global climate progress and warning that current financing remains far below the needs of developing countries.

The G77 and China called on developed countries to fully meet their obligations under the new quantified climate finance goal, strengthen adaptation measures, support technology transfer, enhance transparency, and ensure a just transition in line with the realities and aspirations of developing countries.

The group also emphasized that all climate actions must remain consistent with the principles of the UN Framework Convention on Climate Change and should not be used as a tool for restriction or discrimination.

COP30, held this year in Belem, is the annual UN summit where countries negotiate climate policy, financing, adaptation, and emission-reduction targets.