COP30| Day 4
COP30 Special Edition #12
Day 4’s themes included Health, Jobs, Education, Culture, Justice and HR, Info Integration, Workers. COP30 launched the world’s first climate adaptation plan focused on health, backed by a coalition of philanthropic funders. Innovative initiatives were also announced in adaptation planning and resilience finance, but debate continues over the rules and funding for global carbon markets and climate finance responsibilities.
Day 4
Health
The first climate adaptation plan for health - the Belém Health Action Plan - was launched. The Plan is guided by principles of health equity, climate justice, and participatory governance. Implementation will be coordinated by the Alliance for Transformative Action on Climate and Health (ATACH), and overseen by the World Health Organization (WHO). The initiative is backed by 35 philanthropic organizations pooling an initial investment of USD 300 million.
Adaptation and Resilience
The Fostering Investible National Planning and Implementation (FINI) for Adaptation & Resilience initiative was launched, focusing on making National Adaptation Plans investable. FINI targets raising USD 1 trillion in adaptation project pipelines, with 20% from private investors and USD 500 million from multilateral and philanthropic partners.
The Inter-American Development Bank (IDB), Development Bank of Latin America and the Caribbean (CAF), and the Caribbean Development Bank (CDB) launched the Caribbean multi-guarantor debt-for-resilience joint initiative. The initiative aims to streamline multi-guarantor debt swaps – attracting new guarantors, enabling larger transactions, lowering costs, and accelerating execution.
Ongoing Debates
Concerns are rising around the dilution of Article 6.4 which governs global carbon markets. While the Article 6 rulebook was finalized at COP29 despite some pushback, details on aspects such as permanence and quality assurance are still being fleshed out. Late October, the first Article 6 related methodology - Paris Agreement Crediting Mechanism - was established, but some reports say countries are looking to reopen agreed texts potentially rolling back progress. The Supervisory Board’s report from a few days ago also highlights a funding gap threatening the full operationalization of Article 6.4.
Article 9.1 of the Paris Agreement states, “Developed country Parties shall provide financial resources to assist developing country Parties with respect to both mitigation and adaptation in continuation of their existing obligations under the Convention.” Developing countries interpret Article 9.1 as stating that advanced economies are wholly responsible for climate finance, ideally in the form of concessional finance or grants, while developed countries say the capital can come from a variety of sources, including from developing countries themselves.