Ever since President Bolsonaro honored me with the mission to head the Itamaraty, Brazil's Ministry of Foreign Affairs, I have been working on three priorities: the response to the pandemic, economic recovery, and sustainable development—including the fight against climate change. We are committed to reaching agreements at the COP26 Conference in Glasgow that will allow for full compliance with the objectives of the Framework Convention on Climate Change and the Paris Agreement.
Brazil has been a key player in the debate on environmental issues since 1992, when we hosted the UN Conference on Environment and Sustainable Development, the Rio de Janeiro Earth Summit. From a position of leadership, we have contributed to the formulation of international norms, particularly in addressing the challenges related to climate change.
Brazil is going to Glasgow committed to the success of COP26. Under the Paris Agreement, we are aiming towards an ambitious and unprecedented goal for a developing country: a 37% reduction in greenhouse gas emissions by 2025 and 43% by 2030 in relation to 2005, the base year. In light of our common but differentiated responsibilities, we are among the countries most engaged in tackling the climate problem.
Our national contribution applies to the economy as a whole, without excluding any sector. It encompasses absolute emissions, not relative factors, as do many other countries. Furthermore, it includes an interim target for 2025 and, despite our lower degree of historical responsibility, its commitments are more ambitious than those of most developed countries.
What is at stake at COP 26 is the need for countries to agree to solutions on three issues: increasing financing channels to the developing world; prioritizing actions to adapt to the harmful effects of climate change; and creating opportunities for engagement of governments and the private sector through market instruments. We will achieve a satisfactory outcome only if we address these three issues.
Our main effort at COP 26 will aim to ensure that the financial flows needed to combat climate change are accessible, predictable, and adequate to the needs of the most vulnerable countries. We cannot accept the failure of developed countries to meet the target to which they are committed: mobilizing US$ 100 billion annually to counter the effects of climate change. In Glasgow, we must obtain a new post-2025 funding target.
As far as adaptation to reduce the effects of temperature increases, we must balance adaptation measures, vulnerability reduction and climate risk management. One of our goals at COP 26 is to decide on additional resources for adaptation measures, particularly in developing countries.
Regarding market instruments, Brazil has acted with determination and flexibility in building consensus. We will continue working to ensure that the decisions made in Glasgow contribute to increasing global ambition towards reducing emissions and adapting economies. We advocate for clear and credible rules for all countries participating in these markets. For the Sustainable Development Mechanism—a financial instrument for the private sector to invest in emission reduction projects—we favor a transparent governance structure to ensure the integrity of transactions.
Brazil, I repeat, will work towards the success of COP 26. We are determined to maintain the engagement of Brazilian diplomacy in climate negotiations, with the well-being of our people always in mind. We hope to take practical outcomes from the conference to the most diverse segments of Brazilian society: from traditional communities to urban workers, from family farmers to industrial entrepreneurs, from the present generation to future ones. It is this sense of responsibility that will guide Brazil's actions at COP26.
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