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To make the Implementation COP effective, climate finance must shift from fragmented pledges to predictable, equitable flows reaching cities and communities
This article is part of the essay series: Expectations from COP30.
A decade since the Paris Agreement, the landscape of global climate cooperation is undergoing a profound transformation. As COP30 convenes in Belém, Brazil, the traditional centres of climate leadership are in flux. The United States (US), once the anchor of multilateral climate diplomacy, now oscillates between engagement and retreat, while deepening geopolitical fractures and a fragmented multilateral order have slowed collective ambition. Yet, out of this uncertainty is emerging a more plural, polycentric model of climate cooperation, one increasingly driven by Global South leadership and innovation.
Anchored in the principles of Articles 9, 10, and 11 of the Paris Agreement, a new architecture of cooperation must take shape, linking finance, technology, and capacity-building in ways that align development priorities with climate ambition.
Within this shifting order, emerging economies are no longer passive recipients of norms; they are redefining them. Anchored in the principles of Articles 9, 10, and 11 of the Paris Agreement, a new architecture of cooperation must take shape, linking finance, technology, and capacity-building in ways that align development priorities with climate ambition. India’s expanding partnerships across Africa, Latin America, and the Indo-Pacific signal the contours of a more inclusive, equitable, and pragmatic climate order, where the Global South asserts not just its voice, but its vision for the implementation decade.
COP30, often referred to as the “Implementation COP,” cannot deliver on its objectives without a decisive breakthrough in climate finance. At COP29, Parties agreed on the New Collective Quantified Goal (NCQG) of US$300 billion annually—a step forward, yet only one-fourth of the US$1.3 trillion that the developing nations need each year. The 2025 Emissions Gap Report underscores how stark this shortfall remains: developing countries require nearly US$365 billion annually for adaptation alone, against current flows of barely US$26 billion. For India, the domestic implications are equally pressing, as it faces an annual financing gap of ₹2 trillion to achieve its 500 GW renewable energy target by 2030.
The challenge for India and other emerging economies is thus two-fold: to secure affordable and predictable finance for their transitions, and to redefine the global financial architecture that underpins climate cooperation.
The European Union continues to play a constructive role through the European Investment Bank (EIB), which has invested over two decades in India’s infrastructure and clean energy sectors. Its €200 million SBI Solar Framework Loan supports over 730 MW of solar PV capacity, demonstrating how concessional finance can de-risk private investments. Yet, for the scale required, North–South cooperation must be complemented by stronger South–South financial ecosystems. The India–Brazil–South Africa (IBSA) Fund, for instance, has financed multi-sectoral projects in clean energy and water security, while the New Development Bank (NDB), committing 40 percent of its portfolio to green investments—is emerging as a credible alternative to traditional MDBs.
India’s leadership in the International Solar Alliance (ISA) has further illustrated how collective finance mechanisms can mobilise capital at scale. Through its Solar Finance Facility (SFF) and partnership with the Global Energy Alliance for People and Planet (GEAPP), ISA aims to catalyse US$1 trillion in solar investments by 2030, primarily across the Global South.
India’s leadership in the International Solar Alliance (ISA) has further illustrated how collective finance mechanisms can mobilise capital at scale.
Looking ahead to Belém, developing nations are expected to push for advancing Article 9.1, which mandates public finance from developed countries, and to strengthen the accountability of private finance under Article 9.3. Equally critical will be reforming multilateral development banks (MDBs) to align with the “Baku to Belém Roadmap,” ensuring that at least 50 percent of their lending supports climate goals.
To make the Implementation COP meaningful, finance mechanisms must evolve from fragmented pledges to predictable pipelines, with concessional windows for adaptation, blended finance for innovation, and regional climate finance platforms that channel resources directly to cities and communities.
Technology development and transfer lie at the heart of the Paris Agreement’s implementation agenda. According to the International Energy Agency (IEA), developing nations must triple their deployment of clean energy technologies by 2030, requiring investments of nearly US$4 trillion. To address this, the Technology Implementation Programme (TIP) was launched at COP28. Yet, progress under the UNFCCC and Kyoto Protocol frameworks has remained slow, fragmented, and far below the scale required for the implementation decade.
For India, the US has long been a vital technology partner through initiatives such as the US–India Strategic Clean Energy Partnership (PACE-R) and the Initiative on Critical and Emerging Technology (iCET). However, with growing uncertainty around US global climate engagement, strategic diversification of technology partnerships has become essential. China, as the dominant player in clean energy supply chains, from solar modules to critical minerals—represents a complex yet pragmatic opportunity. A risk-managed India–China climate dialogue, complemented by participation in the BRICS Green Energy Transition Programme, could create new avenues for triangular cooperation supporting energy transitions across the Global South.
India’s national missions particularly the Green Hydrogen Mission could be strategically aligned with European research institutions, universities, and private sector consortia for co-development and deployment.
Europe continues to offer a stable and innovation-rich ecosystem for collaboration. The EU–India Clean Energy and Climate Partnership (CECP) and Horizon Europe framework provide platforms for joint R&D, co-financing pilots, and scaling breakthrough technologies such as green hydrogen, battery storage, and offshore renewables. India’s national missions particularly the Green Hydrogen Mission could be strategically aligned with European research institutions, universities, and private sector consortia for co-development and deployment.
Beyond bilateral frameworks, multilateral technology partnerships are emerging as powerful instruments for scaling innovation. The Japan–India Joint Crediting Mechanism (JCM) currently signed by 31 partner countries across Asia, Africa, and Latin America—offers a model of results-based financing for low-carbon technology transfer. Similar mechanisms could be expanded under Article 10 to support regional technology access facilities, focusing on sectors like sustainable cooling, electric mobility, and carbon capture.
To enhance technology access under the Paris framework, three pathways stand out:
At Belém, advancing Article 10 will mean moving beyond pledges to shared innovation ecosystems—where technology is not merely transferred, but co-created, co-owned, and co-financed for a just and inclusive transition.
While finance and technology often dominate climate negotiations, capacity building under Article 11 of the Paris Agreement remains the quiet enabler of both. Yet, this pillar continues to lag. The least developed countries (LDCs) and small island developing states (SIDS) face acute institutional and technical constraints. According to the UNFCCC 2024 report, over 70 percent of developing nations report limited institutional capacity, while the 2023 Adaptation Gap Report attributes nearly 40 percent of project delays to capacity shortfalls. As rapid urbanisation accelerates in emerging economies, existing tools and governance structures are increasingly inadequate.
The African Adaptation Initiative and the ASEAN Centre for Energy provide parallel regional examples, investing in early-warning systems, climate data, and integrated policy knowledge hubs.
To enhance capacity building, new mechanisms must move from project-based training to systemic institutional strengthening. This requires:
India’s leadership through the International Solar Alliance (ISA) and the Coalition for Disaster Resilient Infrastructure (CDRI) demonstrates what scalable South–South cooperation can achieve. With 121 partner countries, ISA has become a cornerstone of capacity building in energy transitions. Similarly, through the CDRI’s Urban Infrastructure Resilience Programme, India is fostering partnerships across 16 cities and five continents, integrating climate and disaster resilience into infrastructure planning and management. The African Adaptation Initiative and the ASEAN Centre for Energy provide parallel regional examples, investing in early-warning systems, climate data, and integrated policy knowledge hubs.
Building on these models, a formalised Subnational Forum for Global South Cities—modelled on C40 and linked with CDRI’s urban resilience network—could institutionalise peer learning, local innovation, and joint capacity enhancement. Such a mechanism would bridge the gap between national commitments and local implementation, turning capacity building from a support function into a strategic driver of the Paris Agreement’s success.
As the world enters the decisive decade of implementation, the success of the Paris Agreement will hinge on how effectively development cooperation evolves to reflect today’s multipolar realities. COP30 offers a moment to translate solidarity into systems anchoring a Global South–led architecture of trust, technology, and transformative finance. India’s leadership will be vital in ensuring that climate ambition and development equity advance together, not apart.
Radhey Wadhwa is Research Intern at Observer Research Foundation.
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