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Countries and institutions have already demonstrated what is possible.
The blue bond and debt-for-nature models pioneered by Belize and Ecuador have unlocked new fiscal space while advancing marine protection and adaptation.
Costa Rica’s longstanding payments for ecosystem services model has demonstrated how nature conservation and rural development can go hand in hand.
The sustainability-linked bond issued by Uruguay in 2022 ties the bond’s financial terms to compliance with climate goals set in Uruguay’s Naturally Determined Contribution.
And in Canada, the government has committed CAD $800 million to advance Indigenous-led conservation through project finance for permanence initiatives, exemplifying a powerful model for how-long term, durable financing can protect nature, empower Indigenous leadership, and deliver climate benefits.
To be effective, the roadmap must align with and build on existing multilateral initiatives.
Written Submission to the UNFCCC:
Baku to Belém Roadmap to $1.3 Trillion
The Pew Charitable Trusts welcomes the opportunity to contribute to the design of the Baku to Belém 1.3 Trillion Roadmap (“the roadmap”) to the New Collective Quantified Goal (NCQG) on climate finance. We believe this roadmap must demonstrate how it will deliver credible impact and measurable progress toward a more resilient and sustainable planet. Our expectation is that the roadmap recognizes and unlocks finance at the scale needed to meet global climate goals while ensuring that the funding supports high-integrity, durable solutions. We also see an opportunity to drive real, lasting outcomes for biodiversity, ecosystem resilience, and local communities. Countries have identified the need to target emissions reductions in hard to abate sectors and the vital and cost-effective role nature can play in both mitigation and adaptation solutions. The roadmap must catalyze finance for natural climate solutions that provide long-term, measurable impact. The roadmap should include credible mechanisms that reflect the urgency and scale of the moment. These include debt conversions for nature and climate, which allow countries to restructure or reduce debt burdens in exchange for conservation and/or climate commitments; project finance for permanence agreements, which can provide long-term financing for conservation, climate, and communities; and green, blue and sustainability-linked bonds that tie finance directly to measurable outcomes for climate, nature, and communities.
These approaches are already being deployed and can be scaled with the right enabling environments and financial architecture. Equally important is the design of scalable financial structures that blend concessional, public, and private capital while ensuring transparency, accountability, and equitable benefit-sharing. The roadmap should explore how to deploy risk-reduction tools, guarantees, and insurance to unlock more private investment.
Countries and institutions have already demonstrated what is possible.
The blue bond and debt-for-nature models pioneered by Belize and Ecuador have unlocked new fiscal space while advancing marine protection and adaptation. Costa Rica’s longstanding payments for ecosystem services model has demonstrated how nature conservation and rural development can go hand in hand. The sustainability-linked bond issued by Uruguay in 2022 ties the bond’s financial terms to compliance with climate goals set in Uruguay’s Naturally Determined Contribution. And in Canada, the government has committed CAD $800 million to advance Indigenous-led conservation through project finance for permanence initiatives, exemplifying a powerful model for how-long term, durable financing can protect nature, empower Indigenous leadership, and deliver climate benefits. To be effective, the roadmap must align with and build on existing multilateral initiatives.
The Global Biodiversity Framework Fund, the Green Climate Fund, and the Global Environment Facility all offer critical infrastructure for effectively channeling funds toward nature-positive climate action.
Meanwhile, frameworks like the Taskforce on Nature-related Financial Disclosures are essential to embedding climate and nature risks into decision-making by financial institutions and investors. Initiatives such as the High Ambition Coalition for Nature and People are also relevant and should be integrated to avoid fragmentation of efforts and finance.
The Baku to Belém Roadmap must serve as a bridge, not only between COP29 and COP30, but between pledges and implementation. For that to happen, it must mobilize finance that is real, credible, and transformative. Investing in nature is one of the most effective ways to meet countries’ climate goals while delivering cost-effective co-benefits for biodiversity, livelihoods, and resilience. It must also ensure that there is adequate funding for the rapid and widespread emissions reductions that countries have committed to achieve across all segments of their economies.
We look forward to seeing a roadmap that rises to this challenge, and we stand ready to contribute solutions, partnerships, and momentum to help make it a success.
