Time for climate finance that is fair and inclusive

Climate finance is not aid. It is the smart thing to do to protect people and planet. Not only must the world change the ways of production, consumption, trade and investment to reduce greenhouse gas emissions and strengthen adaptation; it must also change the ways in which climate finance is designed and delivered to foster inclusivity and gender-responsive climate action.

This was the message at the Commonwealth Secretariat’s official side event at COP30 in Belém, Brazil, co-hosted by the governments of Mauritius and Sri Lanka.

The side event, titled Scaling Inclusive Climate Finance: Delivering the $1.3T Roadmap for People, Economies and Nature, builds on the COP29 deal of a climate finance annual target of US$300 billion led by developed countries, along with a broader goal of securing US$1.3 trillion annually by 2035 from all sources.

Ruleta Camacho Thomas, Antigua and Barbuda’s Climate Ambassador, delivered a keynote address on behalf of Prime Minister Gaston Browne, calling for the adoption of the Multidimensional Vulnerability Index so that climate action is directed where it is most needed — toward mitigation, adaptation, recovery, and resilience — citing the devastation in the wake of Hurricane Melissa, which caused damage in the Caribbean.

Antigua and Barbuda will host the Commonwealth Heads of Government Meeting in November 2026.

In her keynote address, Rwanda’s Minister of Environment, Dr Bernadette Arakwiye, highlighted the country’s newly launched Country Platform for Climate and Development, which will serve as a government-led mechanism to mobilise, align, and coordinate public and private investment in support of Rwanda’s NDC 3.0 and broader development goals. She said:

“As we reflect on this journey, we must recognise that the state of global climate finance remains both a challenge and an opportunity. The world has made remarkable progress, but the gap between ambition and available finance continues to grow. We are talking about trillions — not billions — that are needed to safeguard the planet and people.”

She also congratulated the Commonwealth Climate Finance Access Hub (CCFAH) on its 10-year anniversary and highlighted how it has strengthened the ownership and delivery of national climate agendas.

A short film on CCFAH, demonstrating its achievements, was screened at the event.

Towards more inclusive climate finance

Delivering on the US$1.3 trillion roadmap demands that climate finance is more inclusive, not only in who it reaches but in who shapes it, who benefits, and how effectively it addresses the interlinked priorities of people, economies, and nature.

The Commonwealth Secretariat also launched its Commonwealth Collaborative Network for Gender-responsive climate action at the event.

In his statement, HE Mukhtar Babayev, the COP29 President, highlighted the importance and support of the engagement of women and youth in climate action. He said:

“We are now moving into a new era. This is a decade that demands delivery, not debate. We are calling on everyone to take the initiative and offer their best. The launch of today’s new network embodies the spirit that we need to see.”

Tenioye Majekodunmi, Director-General of Nigeria’s National Council on Climate Change (NCCC), recognised the technical assistance this Network has provided to Nigeria and said in her remarks:

“The Commonwealth has always been a force for collective leadership and shared purpose. Today’s launch demonstrates leadership in practical form — transforming our shared vision of inclusive climate finance into concrete tools, partnerships, and pathways that advance resilience and prosperity across member states."

The side event included key contributions from Jeanne Lan Hing Po, Permanent Secretary, Mauritius Ministry of Environment, Solid Waste Management and Climate Change and Leel Randeni, Director Climate Change Secretariat, Sri Lanka Ministry of Environment.

A panel of experts from the Nordic Development Fund, Deutsche Bank AG, the City of London Corporation, Centre for International Forestry Research and World Agroforestry concluded the event with a discussion on how to scale inclusive and innovative climate finance instruments and solutions that work for the benefit of people.

The Commonwealth Secretariat delegation will be at COP30 until 21 November to advocate for international finance institutions to be fit-for-purpose, calling for affordable, accessible, and sustainable climate finance, especially for small and other vulnerable states facing the brunt of climate change.

Learn more of the Commonwealth's work on climate finance: