Who really benefits from COP summits? Paulo C. De Miranda on power, money and climate reality

In climate politics, it is easy to treat COP summits as a travelling show: intense media noise, careful drafting marathons, and then a quick shift to the next crisis. In this episode of DevelopmentAid Dialogues, host Hisham Allam talked with Paulo C. De Miranda about when these summits stopped being just diplomacy and started to matter for people, balance sheets and fragile communities. 

Paulo, Chairman and Co-Founder of DEEP and a senior executive in impact management, argued that COPs only truly mattered “when they shape real investment decisions,” when declarations coming out of Belém or Dubai “flow into budgets, balance sheets and investment mandates” instead of remaining on paper. 

A central thread in the conversation was the gap between climate text and the financial system. Paulo said that the language of COP had improved and the scale of the problem was widely recognised, but he stressed that the world was “still not very close to closing the gap between the climate text and the financial system.” He pointed to the distance between trillion dollar announcements and the much smaller flows that reached communities living with volatility, displacement and compounded risks, and warned against “accounting optimism” that repackaged existing instruments without changing the rules of capital allocation. 
 

Politically, COP30 in Belém also exposed structural hesitation. Paulo highlighted one glaring omission: the failure to name fossil fuels explicitly in the outcome. He called this a critical signal that global politics around the fossil fuel economy “has not broken ties with the past,” despite the technology and resources available to move faster. If something as central as fossil fuel phaseout could not be clearly stated, he argued, it revealed the limits of the deal and showed how issues that should be nonnegotiable – fossil fuels, deforestation, protection of vulnerable communities – were still treated as bargaining chips. 

From a development perspective, Paulo argued that COP needed to evolve into something closer to a “conference for sustainable humanity” because, in fragile and crisis affected settings he had worked in, climate change was part of daily survival, not an abstract risk.  

 
Paulo closed with three blunt points: leaders must rewrite the rules of the game around sustainable humanity, finance must treat sustainable living as a core asset, and citizens must own accountability “here and now.” He recalled Georgina, a 10yearold from Tanzania who said she was in Belém to help solve problems she did not cause – a reminder that climate summits should be judged by whether they change incentives, capital flows and accountability for those with the least room for error. 

Listen to the full episode with Paulo De Miranda on DevelopmentAid Dialogues. Stay informed. Stay engaged. 

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