Ana Toni, CEO of COP30, opened the June 5 media discussion with a sense of urgency and symbolism. Speaking from Belém, the Amazonian city that will host the UN Climate Change Conference (COP30), Toni framed this year’s summit as more than another climate conference—it marks ten years since the Paris Agreement and the beginning of a new era focused not on negotiation but on implementation.

Toni emphasized that while global warming projections have dropped from over 4.5°C to about 2.7°C, the world is still far from the Paris target of 1.5°C. With the rulebook of the Paris Agreement finally closed, the emphasis must now shift to accelerating action on the ground. COP30, she noted, will be about “getting things done” across multiple fronts—adaptation, mitigation, finance, and inclusive governance.

Held in the Amazon for the first time, the location is both symbolic and strategic. “The forest is at a tipping point,” said Toni, calling for a global collective effort. She challenged the press and civil society to pivot from focusing solely on negotiation tables to showcasing real-world transitions already underway. If we can’t show that climate action is a lever for prosperity—even with tough choices—COP30 won’t fulfill its role, she said.

Carbon Credits: Moving Beyond Forests

One of the most provocative interventions came from Rodrigo Lima, Managing Partner at Agroícone, who called for a reframing of the carbon credit debate. Recent controversies and scandals have damaged trust in carbon markets, especially those tied to forest preservation. But rather than abandon the mechanism altogether, Lima argued for expanding its application beyond forests.

Thinking that only forest carbon credits exist is a mistake, said Lima. Adding that the carbon market should not be limited to forests. Highlighting Brazil’s new Emissions Trading System, Lima pointed out that other sectors—like agriculture, energy, and infrastructure—offer significant potential for high-integrity credits. The success of these markets, he said, will depend on robust methodologies and transparency.

John Verdieck of The Nature Conservancy echoed these sentiments, noting improvements in Article 6 mechanisms under the Paris Agreement that allow for trading emissions reductions between countries. But both agreed that integrity must remain a top priority. “The world won’t reach Net-zero without carbon credits,” Lima insisted. “But they must represent real, unclaimed reductions.”

Additionally, both speakers warned that while biodiversity credits are gaining traction, they should not be conflated with carbon credits. The two are distinct and will likely be governed under different international regimes.

Private Finance and the TFFF: The Missing Billions

The conversation also zeroed in on finance, particularly the critical role of the private sector. Toni highlighted that while a landmark $1.3 trillion finance report is in the works, bridging the gap between commitments and actual flows remains a challenge. “Private financing must go beyond mitigation and embrace adaptation,” she said.

One promising initiative is the Tropical Forest Forever Fund (TFFF), a proposed basket of instruments designed to channel resources into conservation and restoration. Developed by Brazil’s Ministry of Finance and Ministry of Environment, the TFFF aims to move beyond reliance on multilateral development banks by leveraging private capital through guarantees, payment for ecosystem services, and voluntary carbon markets.

Toni noted that COP30 will offer a platform to present concrete progress on TFFF and integrate it into broader economic instruments like Eco Invest and the Amazon Fund. But for these tools to succeed, there must be regulatory clarity, risk-sharing mechanisms, and indicators that make adaptation projects bankable. “The private sector must be at the table not just for offsets, but for investing in real transitions,” she said.

Verdieck added that private actors are already responding to long-term risks. “Adaptation is becoming a business case. The longer you wait, the more expensive it gets. Investors are starting to see that,” he explained.

Turning Adaptation into Opportunity

Historically overshadowed by mitigation, adaptation is poised to take center stage at COP30. “We are already living in a 1.5°C world,” said Toni. “Ignoring adaptation is no longer an option.”

Rodrigo Lima underscored that adaptation is not just policy—it’s also a business opportunity. “Adaptation is basic sanitation. It’s high-tech sensors and alert systems. These are services and technologies that create markets,” he said. But, he warned, these markets won’t emerge unless countries clearly define their adaptation priorities in their Nationally Determined Contributions (NDCs).

He pointed to Brazil’s “Green Paths” program as a strong example of adaptation-focused investment: a national effort to restore 40 million hectares of degraded land through sustainable agriculture and forestry. Such programs, he said, should be connected to global finance flows and guided by streamlined indicators. “We don’t need 400 indicators,” Verdieck added. “We need 20 that make sense to both governments and investors.”

In this context, nature-based solutions—ranging from forest restoration to sustainable cattle ranching—play a dual role. They mitigate emissions and build resilience.

Will COP30 Deliver?

As the countdown to COP30 continues, the expectations are high. Hosting the summit in the Amazon offers Brazil a chance to showcase both the risks and the promise of nature-based climate solutions. But it also places the country under international scrutiny, especially as debates over oil exploration and environmental deregulation rage at home.

What’s clear from the June 5 session is that implementation, not just aspiration, must define this decade. Whether it’s by restoring trust in carbon credits, securing adaptation finance, or delivering tangible projects like TFFF, COP30 has the potential to move the needle—if political will and financing align.