The Socioenvironmental Platform participated in the Event: “Financing Climate Justice: Reforming the Global Financial System and Restoring Justice” during COP30, in Belém

How can the international financial system be transformed to genuinely address the climate crisis? This was the central question of an event convened during the People’s Summit, organized by the Socioenvironmental Platform of the BRICS Policy Center in partnership with various civil society organizations: ActionAid Brazil, Alternativa Terrazul, Central Única dos Trabalhadores (CUT), FASE, Rosa Luxemburg Foundation (São Paulo and New York Offices), Instituto de Estudos Socioeconômicos (Inesc), and Rede Brasileira Pela Integração dos Povos (Rebrip).

The session brought together diverse voices and experiences to propose concrete pathways, challenging false solutions and advocating for a just transition that does not deepen the indebtedness of the Global South. Participants included:
• Carolina Alves (Inesc), providing an overview of climate financing, marked by low international provision and growing climate debt;
• Claire Miranda (APMDD), presenting how the financing topic emerges in international negotiations;
• David Williams (Rosa Luxemburg Foundation), analyzing the financing landscape in the Global North;
• Maureen Santos (FASE and the Socioenvironmental Platform), discussing climate justice financing from perspectives of redistribution and reparation;
• Priscilla Papagiannis (Rebrip), highlighting the relationship between climate finance and international trade, particularly in light of unilateral measures by developed countries.

The debate also highlighted how trade rules, debt regimes, and budgetary constraints limit the responses of developing countries—and reinforced that historical reparation and climate financing must go hand in hand to ensure a truly just transition.

The discussion featured strong public engagement, with participants raising critical questions about how to ensure climate finance effectively reaches the frontline—to the populations most impacted by the crisis, such as local communities, those affected by dams, and other large development projects.