For decades, climate change has been one of the world’s most urgent, existential shared challenges — a crisis mandating the world’s 193 countries band together to reign in carbon emissions and, to put it frankly, save the planet.

But there’s one big, glaring problem: Paying for the climate crisis is expensive, and no one wants to cover the bill. 

Climate change is accelerating, and so are its costs. If we don’t fix international accounting fast, we risk both financial and climatic devastation. Last November, the UN climate change conference COP29 ended with wealthy nations pledging to mobilize at least $300 billion a year to support Global South countries with climate change and support a clean energy transition, with the ultimate goal of reaching at least $1.3 trillion annually by 2035.

Getting there won’t be easy. And that’s exactly why we need a plan of action. 

Enter Global Citizen’s vision for a fair climate finance roadmap. Submitted to the United Nations Framework Convention on Climate Change (UNFCCC), the “Baku to Belém Roadmap” is a bold, practical guide to finance that lays out exactly how countries can shape policies and budgets to free up that $1.3 trillion — and ensure the money reaches those who need it most. 

So how does it work? Let’s break it down. 

A Broken System

Today, traditional sources of funding (like foreign aid and concessional loans) aren’t cutting it. Global South countries, especially those most vulnerable to climate change, simply don’t have the means to invest in social welfare and climate resiliency all at once.

Why? The global financial system is outdated. Built over 80 years ago, it wasn’t designed to address today’s challenges. To find $1.3 trillion, we need a clear timeline, strong accountability measures, new sources of funding, and ambitious NDCs (Nationally Determined Contributions, or plans each country creates to reduce emissions and prioritize strengthening climate resilience). 

Because it’s not just about increasing the total pot of money — it’s about figuring out where that money should go to have the most impact. 

Who Pays the Price

Climate finance has historically been very unfairly distributed. Paradoxically, the countries and communities that suffer the most from climate disasters receive the least support. 

Here’s how money gets tangled up in the current system:

• It’s Too Complicated: Many report that the process is overly complex and technical. Countries in the Global South face miles of red tape just to access essential climate funding from global institutions. Getting money from major lenders like the Green Climate Fund can take years, delaying lifesaving projects as approval pipelines slowly chug along.
• It’s Too Risk-Averse: Investors tend to chase safe bets. That leaves vital but low-return adaptation projects, like early disaster warning systems or climate-proof infrastructure, underfunded by the private sector.
• It’s Too Unfair: Loans dominate climate finance. Yet countries hit hardest by climate change often have poor credit ratings, meaning they pay the highest interest rates which exacerbate vicious debt cycles. 

Worse, global crises like COVID-19 and humanitarian disasters have left many countries drowning in debt, making it harder than ever to invest in climate-proofing a safer future.

The Fix: A New Vision for Global Finance

So — what’s the solution?

We don’t just need more money — we need a plan for better systems. To truly address climate and development challenges, we need to expand and diversify funding sources, introduce regular monitoring benchmarks, and create greater transparency. If we do all that, hitting $1.3 trillion a year by 2035 is possible. 

To that end, we at Global Citizen believe the world must:

1. Fix the Global Lending System. Approval processes must be faster, simpler, and support climate-impacted nations first and foremost. 

Specifically, multilateral development banks (MDBs) like the World Bank and International Monetary Fund (IMF) need to:

• Lend more and faster, especially in times of crisis. They can scale up “direct access modalities” (where local financial institutions receive money directly from lenders rather than a middle man). Major funders like the Adaptation Fund and the Green Climate Fund have made some strides, but we need to see more progress.
• Get creative with their money. Business as usual isn’t enough. We’ll need to embrace innovative financing models, such as blended finance (mixing public and private money) and insurance to attract investment where it’s needed most. 
• Focus on grants and low-interest loans, especially for climate adaptation efforts. Expand debt-relief tools like climate debt swaps, where loans are forgiven in exchange for investing in local adaptation projects. 

2. Shift the Power Imbalance — and Enforce Accountability. Climate finance is controlled by the wealthiest nations. It’s time to change that. 

• Empower vulnerable nations by giving them a greater voice in decision-making. 
• Create stronger oversight. An independent body (such as the UNFCCC Standing Committee on Finance) could play a referee role, track whether commitments are being met, and prevent misreporting. 

3. Champion Community and Indigenous Leadership. Local actors know local environments best, including how to adapt them to changing climates. But they’re rarely the focus of climate finance. 

• Prioritize local action and adaptation projects by channeling money directly to  on-the-ground community organizations, and making sure they’re at the heart of both steering and implementing climate action.
• Protect vital ecosystems, such as the Amazon. Indigenous-led conservation is known to help protect biodiversity and fight climate change. Governments need to back them up with robust policy and financial support.

4. Power a Just Energy Transition. We need widespread renewable energy access that benefits everyone, including local workers and communities. 

• Phase out fossil fuels. Retire outdated coal plants and redirect fossil fuel subsidies (which cost the world $7 trillion annually) to climate finance instead. 
• Scale up Just Energy Transition Partnerships (JETPs). These renewable infrastructure programs have been successfully piloted in South Africa and Indonesia. More countries should follow suit. 
• Join international treaties, such as the Beyond Oil and Gas Alliance and the Fossil Fuel Non-Proliferation Treaty, which provide clear roadmaps for countries to pursue just energy transitions. 

5. Roll Out New Solidarity Financing Tools. We can put solidarity into practice by introducing taxes that benefit everyone, which we predict could generate more than $100 billion a year alone. These might include:

• Tax high-emissions, luxury goods, such as international airline tickets or maritime shipping fuel. 
• Make polluters pay by taxing high-polluting industries, such as fossil fuel company profits, and channel that money towards climate funds like the Loss & Damage Fund.

6. Expand Targeted Climate Finance Initiatives. We need to turbocharge new models in climate finance instead of relying on traditional, outdated ones.

• Back proven initiatives that protect the planet. Luckily, there’s a number with established track records of success, such as REDD+, the Amazon Fund, and the Brazilian Podáali Fund. 
• Reform the MDBs. Initiatives like the G20 Dialogues and Bridgetown Initiative are encouraging MDBs to ramp up their climate lending. They can also build up their financial toolkit by expanding the use of SDRs (Special Drawing Rights) and debt-pause clauses, offering indebted countries lifelines during crises. 

Why We Can’t Wait

Global finance can feel technical and distant. But it impacts all of us — and with just five years left to meet the SDGs, the clock is ticking. 

The $1.3 trillion goal should be considered the floor of global ambition, not the ceiling. Countries need to be ambitious and look for extra money to boost climate spending everywhere and anywhere they can. The concrete steps outlined in this financial roadmap offer both governments and the private sector ways to scale up financing fast, while also knocking down existing barriers for emerging economies. 

We have the tools, and we know what to do. Now we just need the political will to get it done. Because if we can change how money flows, we can change everything.