COP30 marked some progress in global climate action, with developed nations tripling their climate finance commitments. Parties also set a target to mobilise $1.3 trillion annually by 2035 from public and private sources for clean energy and resilience projects. The Global Goal on Adaptation was finalised with clear benchmarks to track progress, and adaptation funds were tripled to address urgent needs. Additional resources were also pledged through the Loss and Damage Fund. The conference underscored progress in promoting sustainable ecosystems, implementing unilateral trade measures, and safeguarding labor rights through the Just Transition Mechanism. However, challenges persisted, including the lack of consensus on phasing out fossil fuels and the US withdrawal from the Paris Agreement. Despite these setbacks, over 60% of the nations reaffirmed their commitment by submitting updated Nationally Determined Contributions (NDCs), signaling a shift toward a new climate economy. Yet, the gap between pledged resources and the actual needs remains a critical concern.

Exhibit: Climate finance provided and mobilised by developed countries

Source: COP30 website, ICRA Research