Core Viewpoint - The COP30 conference in Brazil marks a critical juncture in global climate governance, focusing on the urgent need for a new climate financing system that is sufficient, equitable, and accessible to meet the funding gap required to achieve the Paris Agreement's temperature control goals [1][2]. Climate Financing Transition - The past decade has seen developed countries fail to fulfill their annual commitment of $100 billion in climate funding, leading to a significant imbalance in funding structures, particularly in adaptation investments [2][3]. - COP30 signifies a new phase of systematic restructuring in climate financing, with discussions centered around the "Baku-Belém Climate Financing Roadmap" aimed at significantly increasing global climate funding targets [2]. Balancing Fairness and Efficiency - Key disagreements between developed and developing countries revolve around responsibility definitions, funding nature, and usage priorities [3]. - Developed nations emphasize mobilizing private capital and market mechanisms, while developing countries insist on the primary responsibility of developed nations to provide funding as per the Paris Agreement [3]. - There is a critical shortage of funds for vulnerable nations to adapt to climate change, and high-risk countries struggle to access favorable funding due to debt and credit issues [3]. Innovative Financing Approaches - A shift from "aid logic" to "investment logic" in global climate financing is emerging, characterized by three main trends [4]. - The integration of public and private sectors is becoming the dominant model, with emerging market countries leveraging sovereign funds to attract international capital [4]. - Regional cooperation mechanisms are accelerating, with initiatives led by countries in Latin America, Africa, and ASEAN to create localized financing solutions [4]. - The deep integration of market mechanisms and financial tools is evident, with initiatives like the "Global Carbon Market Alliance" aiming to standardize and enhance transparency in carbon credits [4]. China's Role in Climate Financing - As a major developing country, China advocates for multilateralism and equitable cooperation in addressing climate financing challenges [6]. - China proposes establishing a "Global South Climate Financing Coordination Mechanism" to enhance collective bargaining power among developing nations [6]. - Sharing experiences in green finance, such as green credit and bonds, can help improve project transparency and reduce financing costs for partner countries [6]. - China aims to promote market connectivity and activate carbon asset potential by aligning carbon market standards with BRICS and ASEAN countries [6]. Conclusion - Climate financing serves as a "glue" for uniting climate action consensus and a "catalyst" for accelerating green transitions, with COP30 indicating a historic evolution in the global climate financing system [7].