The Roadmap from Baku to Belém emerged as a political and financial vehicle towards a larger goal: mobilizing at least USD 1.3 trillion annually for developing countries by 2035 from all public and private sources, while accelerating adaptation, resilience and just transitions. Jointly led by the COP 29 and COP 30 Presidencies and mandated under the new collective quantified goal on climate finance (NCQG) decision agreed at COP 29, it is a Presidential political undertaking rather than a formally negotiated outcome. Although it was initially designed around the two consecutive United Nations climate conferences in Baku, Azerbaijan in 2024 (COP 29) and Belém, Brazil in 2025 (COP 30), Belém was an important milestone in which the negotiations demonstrated how much work remains unfinished. The roadmap therefore continues to matter because it reflects the structural transformations still required to finance a climate-resilient future.
The roadmap is structured around five priorities, also known as the “5Rs”, which continue to define debates around climate finance today.
Replenishing: More funding remains essential
One of the roadmap’s clearest priorities is replenishing climate finance at a much larger scale. Developing countries continue to face growing costs from events related to climate change, such as floods, droughts, sea-level rise and extreme heat, while existing funding mechanisms remain insufficient. Increasing the volume of grants, concessional loans and adaptation finance therefore remains central to international climate negotiations.
Rebalancing: Adaptation is gaining importance
Climate finance has historically focused more heavily on reducing greenhouse gas emissions than on adapting to climate impacts. The roadmap calls for rebalancing these priorities by increasing support for adaptation, resilience and loss and damage. This reflects growing recognition that many countries are already experiencing severe climate impacts that can no longer be avoided. One of the outcomes of COP 30 was a call to triple adaptation finance by 2035. While this would still fall short of closing the adaptation finance gap, it signals the increasing importance of adaptation within the international climate finance agenda.
Rechanneling: Public money alone will not be enough
Mobilizing USD 1.3 trillion annually will require far more than government contributions alone. The roadmap therefore emphasizes rechanneling financial flows from development banks, private investors and philanthropic actors towards climate action. Directing private investment towards vulnerable countries remains challenging because many adaptation projects create benefits for society, but not necessarily profits that private investors can easily earn money from in the short term.
Revamping: Financial systems need structural reform
Many countries currently view international financial systems as slow, fragmented or difficult to access. Lengthy application procedures, debt burdens and limited fiscal space continue to restrict climate action in many lower-income countries. Reforming development banks and improving access to finance therefore remain political priorities beyond Belém.
Reshaping: Climate finance is becoming a broader development issue
Traditionally, climate finance was often treated primarily as funding for emissions reductions or renewable energy projects. However, the Baku-to-Belém process reflected a broader understanding of climate risks as deeply connected to food systems, migration, biodiversity loss, public health and economic stability. As a result, climate finance is no longer treated solely as an environmental issue, but increasingly as part of a wider transformation of development and global governance.
It may sound contradicting, but the Roadmap from Baku to Belém remains important precisely because it is unfinished and reflects an ongoing transition in how climate finance is understood, governed and implemented. If this transition is successful will depend on whether countries and institutions succeed in transforming financial systems quickly enough to meet escalating climate risks in the years ahead.
