COP30 was anticipated to be an “action” COP, but did the global climate event live up to its hopes?
The event ran late into Sunday, a full two days longer than the anticipated finish on Friday 19 November, after strong objections to weak language around fossil fuels. While initial hopes were high that delegates would walk away with tangible outcomes, there have so far been mixed reviews on the success of the event. Here’s what you need to know.
The Global Mutirão: A collective vision, but limited clarity for transition planning
The headline outcome of COP30 was the Global Matirão, a new decision named after a Tupi-Guarani word describing community-driven cooperation. Although not formally a “cover decision”, it serves as the summit’s overarching agreement, touching on trade, transparency, finance, and climate ambition.
While the trade sets forth positive action, for business it represents more incremental movement rather than transformational change. It sets expectations for greater international cooperation but delays several key decisions that companies had hoped would offer clearer long-term certainty.
Most notably, it does not include a roadmap for transitioning away from fossil fuels, despite strong advocacy from more than 80 countries. This omission is one of the most significant gaps in the final text and means companies will continue operating without a unified global signal on the pace of fossil-fuel phase-down.
Colombia was one of the countries to voice a strong opinion on the shortfall, saying, ““The language is being vetoed even though it is critical for a consensus…This is a failed agreement. We are not blocking progress; we are demanding the minimum necessary guarantees.”
Instead, the presidency has committed to publishing two voluntary road maps, on fossil fuels and deforestation, ahead of COP31. These will sit outside of the UNFCCC negotiating process but may still shape political expectations and investor sentiment.
Adaptation finance: Tripling agreed, but delayed to 2035
Adaptation was billed as a major outcome for COP30, and negotiations agreed to “call for efforts” to triple adaptation finance, but not until 2035, five years after what was initially proposed.
The final text lacks a baseline year, creating uncertainty around how progress will be measured. This comes as UNEP reports a sharp drop in adaptation finance (from $28bn in 2022 to $26bn in 2023), and an annual financing need for developing countries of roughly $310bn.
For businesses, this could translate into growing pressure on private-sector adaptation finance, resilience planning, and ESG disclosures as governments increasingly rely on businesses to help close the adaptation funding gap.
NDCs: Slow progress on national climate pledges
2025 was the deadline for countries to submit updated Nationally Determined Contributions (NDCs), which are their emission-reduction plans through 2035. But 95% missed the February deadline, and by September only one-third had submitted or announced their plans.
Ahead of COP, the UN estimated that existing NDCs would reduce global emissions by just 10% by 2035, far short of the 60% reduction needed for 1.5°C. With additional submissions during COP, the projected reduction rose slightly to 12%.
By the end of the summit, 122 countries had submitted updated NDCs. Countries were also expected to submit their first Biennial Transparency Reports (BTRs). By the end of COP30, 131 countries, around 67%, had done so.
What’s next for COP?
It can be seen that, while COP30 was divisive on many fronts, it still delivered steps forward and showed that countries around the world are willing to come together in the face of climate change. But, the time for talk has passed, and now greater action is required from events like COP.
For businesses, the landscape remains one of rising expectations on climate disclosure and a continued shift toward national and regional regulation driving net zero progress.
“We are up against the march of time and massive global forces that would slow down or stop action. In the face of this opposition, multilateralism is our best hope,” said Ed Miliband, UK secretary of state for energy security and net zero.
“For all its flaws, COP has reaffirmed the belief of the vast majority of the world in this ideal. Those who would deny or prevent action are not winning the argument, they are losing.”
