This briefing outlines high-level themes of relevance to investors on climate finance and specifically the Baku to Belém Roadmap to US$1.3trillion – a key element of a new climate finance agreement reached at COP29 in 2024. It highlights relevant submissions to a recent COP Presidency consultation on this theme.

The Baku to Belém Roadmap process mandated the COP29 and COP30 Presidencies to explore how to scale finance to US$1.3tn, with an emphasis on grants, concessional and non-debt creating instruments. They will report back by COP30, which takes place in Belém, Brazil, in November 2025. As part of this process, PRI recently engaged with an initial Presidency consultation.

This note outlines the relevance of EMDE climate finance for institutional investors and provides a summary of key themes and priorities emerging from finance sector inputs to the Baku to Belém Roadmap process so far.

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