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- Brazil Endorses UAE Declaration: Aligns with G20-COP28 efforts, enhancing sustainable finance accessibility.
- Continuity in Climate Agendas: Strengthens future COPs and G20 collaborations.
- U.S.-Brazil Joint Initiative: Highlights a solid partnership for climate transition.
Brazil has endorsed the UAE Declaration of Leaders on a Global Climate Finance Framework at a G20-COP28 event, strengthening its commitment to sustainable finance. This move, announced by Finance Minister Fernando Haddad in Rio de Janeiro, aligns Brazil with other major economies like France, Germany, the UK, the US, and India.
Minister Haddad stated, “Brazil’s endorsement ensures a vital link between COP Presidencies and G20, making sustainable finance more available, accessible, and affordable.“
The endorsement marks Brazil as the sixth G20 nation to support the Framework, which aims to develop a new climate finance architecture. This initiative is backed by 15 countries representing a significant share of global GDP.
Continuity in Climate Leadership
Brazil’s involvement is expected to enhance international cooperation and close the adaptation finance gap, a critical element for the upcoming COPs. His Excellency Mohamed Al Hussaini, UAE Minister of State for Financial Affairs, emphasized the significance of this endorsement, stating, “Climate investments must be recognized as an unprecedented opportunity for economic growth and shared prosperity. The UAE stands ready to address the sustainable finance gap with concrete action.“
Ambassador Tatiana Rosito, Vice-minister for International Affairs at Brazil’s Ministry of Finance, echoed this sentiment, saying, “Our sustainable finance agenda in the G20 focuses on reforms to support just transitions globally, aligning well with the Global Climate Finance Framework.“
Holistic Approach to Climate Finance
The Framework builds on initiatives like the Bridgetown Agenda and the Africa Climate Summit, providing a robust platform to measure progress across public and private sectors. Majid Al Suwaidi, COP28 Director General, highlighted the comprehensive nature of the Framework, noting, “It delivers a holistic effort to combat climate change and unlock much-needed finance – a key enabler for strengthening NDCs, adaptation, and resilience.“
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Brazil-US Climate Transition Initiative
Additionally, Brazil announced a joint climate transition initiative with the United States. Finance Minister Haddad reassured that political changes in the U.S. would not affect this partnership, underscoring the strength of their collaborative efforts. “I don’t see how a government alternation could put this partnership being built with Secretary Yellen at risk,” Haddad remarked.
Brazil’s endorsement of the Global Climate Finance Framework and its joint initiative with the U.S. underscore its pivotal role in advancing sustainable finance and climate action on the global stage.