Now that countries agreed to a new climate finance goal at COP29, the race is on to mobilize $1.3 trillion by 2035 to help developing nations adopt low-carbon technologies and better prepare for climate impacts. A key drumbeat towards this aim takes place this week, with over 500 public development banks gathering in South Africa for the Finance in Common Summit to reimagine sustainable finance and explore solutions for scaling up investments. These banks are uniquely positioned to align climate and development goals at the national level by both providing finance and driving policy reforms. 

In a new article, WRI’s Melanie Robison and Crispian Olver explain that Country Platforms are one way to drive this agenda forward by streamlining and coordinating diverse funding sources for large-scale, transformative investments at the national level. Dive into WRI’s latest article on where money could come from to reach the new climate finance goal and key moments in 2025 to propel things forward.

Credit: WRI

This year presents a critical opportunity for countries to accelerate their efforts to combat the climate crisis by submitting ambitious national climate commitments (NDCs) under the Paris Agreement. The initial date for countries to submit their plans was earlier this month. However, so far, only 16 countries—representing about 20 percent of global emissions—have done so. 

While this may seem disappointing, WRI’s David Waskow argues in a Financial Times opinion piece that “it’s far better to see strong, well-crafted commitments later this year than rushed, weak ones now.”  Simon Stiell, the executive director of UN Climate Change, says that countries should aim to submit their NDCs before the UN General Assembly in September, which will allow time for international scrutiny and in-depth analysis before the COP30 talks in November. On a positive note, over 170 countries have expressed intent to submit new climate plans this year. As David Waskow puts it, “the real question isn’t whether commitments will take shape, but whether they will meet the mark.” 

So far, most nations are stepping up their commitments, but the rigor of their plans varies: the UK is targeting an ambitious 81% emissions reduction by 2035, Brazil has proposed a 59-67% reduction range by 2035, while New Zealand only marginally increased its target from 50% to 51-55% by 2035. 

Watch WRI’s recent webinar to get a temperature check on NDCs that have already been submitted and what to expect from major emitters like China and the European Union. 

Visit NDCTracker.org to track which countries have submitted new NDCs with 2035 targets, compare them to previous ones, and review them side by side. Credit: WRI

The Trump administration continued to erect new hurdles to advancing climate action over the last month. One of the most concerning was the decision to freeze foreign aid, halting life-saving development and climate assistance to the world’s poorest countries. The administration has also attempted to stem the flow of domestic funding for climate-related activities and is trying to scrap New York City’s congestion pricing plan, which charges vehicles entering busy Manhattan streets to reduce traffic and air pollution. Secretary of State Marco Rubio's decision to skip the G20 foreign ministers' meeting over objections to its focus on equality and sustainability injects further uncertainty as t0 the United States’ role in the world. 

Last week, the U.S. Department of Transportation announced it revoked federal approval of New York City's congestion pricing toll. Credit: MTAPhotos.