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Brazil to push for corporate, local government climate targets at COP30
Published by Global Banking and Finance Review
Posted on June 20, 2025
3 min readLast updated: January 23, 2026
Global Banking and Finance Review
Company
Published by Global Banking and Finance Review
Posted on June 20, 2025
3 min readLast updated: January 23, 2026
Brazil proposes expanding climate targets at COP30 to include corporate and local goals, aiming to enhance global efforts post-U.S. Paris exit.
By Lisandra Paraguassu
BRASILIA (Reuters) -COP30 president Brazil on Friday proposed expanding emissions reduction commitments to include pledges from companies, states, and cities, aiming to bolster global climate efforts following the U.S. withdrawal from the Paris Agreement.
Brazilian diplomats preparing for the climate summit have been working closely with the U.N. to encourage countries to submit updated targets to reduce greenhouse gas emissions by September, after many missed the February deadline.
The Paris accord, in which almost all nations agreed to limit warming to well below 2 degrees Celsius from pre-industrial levels, requires countries to submit such targets, known as Nationally Determined Contributions (NDCs), and update them every few years.
In a letter released Friday, COP30 President Ambassador Andre Correa do Lago proposed widening the path for reducing emissions by creating a "global NDC" that would incorporate targets from various actors, not just countries, to transform the Global Stocktake - the process for reviewing Paris Agreement progress.
"Our aim is to bring a new dynamic to global climate action, aligning the efforts made by businesses, civil society and all levels of government in coordinated action," Lago wrote, proposing the term "GDC," or "globally determined contribution," for the expanded initiative.
While Lago did not explicitly frame the initiative as a response to U.S. policy changes, he acknowledged it would allow participation from U.S. companies and local governments that have kept their commitment to help curb climate change despite the Trump administration's formal exit from the Paris Agreement.
"Our action agenda is opening up a lot of space for the U.S. side that wants to participate," Lago said, adding the proposal would also encourage countries with conservative emissions targets to be more ambitious.
The Brazilian diplomat said private sector actors often move faster on climate action than governments, which are vulnerable to complex considerations such as the role of oil companies in spurring economic growth or the costs of transforming electricity grids.
Dan Ioschpe, a Brazilian businessman appointed as COP30's "climate champion," said the initiative would provide clarity for non-state actors to align with Paris Agreement goals.
"Not only in the United States, but in general in countries where the national government is not so involved in the issue, we are seeing governors, mayors, and the private sector extremely involved," Ioschpe said.
COP30, to be hosted in the Amazonian city of Belem in November, marks the 10th anniversary of the Paris accord.
(Reporting and writing by Lisandra Paraguassu, editing by Manuela Andreonim, Editing by William Maclean)
Brazil is proposing to expand emissions reduction commitments to include pledges from companies, states, and cities to enhance global climate efforts.
Lago aims to create a 'global NDC' that incorporates targets from various actors, including businesses and local governments, to align efforts in climate action.
Lago noted that private sector actors often move faster on climate action than governments, which face complex considerations.
COP30 marks the 10th anniversary of the Paris Accord, emphasizing the need for updated targets to limit global warming.
Dan Ioschpe is a Brazilian businessman appointed as COP30's 'climate champion,' tasked with providing clarity for non-state actors to align with the Paris Agreement goals.
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