The Legacy of Baku and the Challenge of Belém
As the somber conclusion of COP29 in Baku leaves much to be desired—with progress on climate financing and energy transition falling short of expectations—the world now turns its gaze to Belém do Pará, the host city of COP30 in November 2025. Nestled in the heart of the Amazon, Belém not only symbolizes the urgent need to protect the planet’s largest tropical rainforest but also bears the weight of hosting a conference many hope will be historic: the "Turning Point COP."
Brazil intends to prioritize debates on climate financing, environmental justice and the goal of limiting global warming to 1.5°C. Seeking financing of US$1.3 trillion from rich countries to finance forest preservation, the country representing Latin America in this discussion highlights unfulfilled promises since 2009. The agreement of US$300 billion annually until 2035, signed in Baku, is considered insufficient by experts, who point out the need for up to US$7 trillion by 2030 to meet climate goals. In this context, Brazil defends the integration of carbon markets and the creation of the Tropical Forests Forever Fund (TFFF), an investment mechanism that seeks to raise US$125 billion for global conservation.
The Carbon Race is in Belém!
Belém is not only the setting for negotiations, but also the epicenter of a growing market: carbon credits. With the regulation of the Brazilian Emissions Trading System (SBCE) in 2024, the country seeks to lead the creation of a plurilateral carbon market, connected to initiatives such as the European scheme.
In this scenario, Amazon Connection Carbon (ACC) emerges as a protagonist. Based in Belém, the company develops carbon credit projects linked to the preservation of the Amazon, offering everything from emissions inventories to consulting for corporate neutrality. ACC exemplifies how local solutions can have a global impact. With SBCE, Brazil hopes to avoid greenwashing and create a transparent market, where each credit represents real emissions reductions. ACC is at the forefront, connecting local communities with global investors and demonstrating that the bioeconomy can be profitable.
Brazil's Role: Between Leadership and Contradictions
COP30 will be a test for Brazilian diplomacy. The country holds 20% of global biodiversity and an energy matrix that is 89% renewable, but faces difficulties due to the increase in deforestation and conflicts between development and conservation.
While innovative financing models are being discussed, Brazil is seeking to focus on reinventing climate governance, integrating social and environmental agendas. Seeking to avoid repeating the inconclusiveness of Baku, COP30 is expected to be a turning point. If Belém can make progress on financing, climate justice, and robust carbon markets, it could usher in the “Implementation Era” of the Paris Agreement. Amazon Connection Carbon and SBCE show that solutions exist. Now is the time for global leaders to prioritize the planet over immediate profit.
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