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The 30th UN Climate Conference (COP30), held last November in Belém, was highly anticipated. Ten years after the Paris Agreement, this summit was expected to mark a turning point: moving from commitments to concrete action. But did it deliver? Julien Girault, ESG analyst and energy transition expert at LBP AM, shares his insights.
Dubbed the “COP of Action,” the conference was marked by intense debates and controversies. While an agreement was reached by all parties, opinions remain divided. Some criticize the lack of ambition—particularly on phasing out fossil fuels—while others welcome the agreement despite its shortcomings.
Our view? The reality is more nuanced. The timid reference to the “UAE Consensus”* leaves an unfinished feeling. Yet, not everything should be dismissed: several important developments deserve attention.
More than 120 countries updated their climate targets, and China published its goals for the first time. As a result, 80% of global emissions are now covered. This is a significant step forward, but still insufficient: current trajectories point to a +2.3°C temperature rise by 2100, far from the critical 1.5°C threshold set by the Paris Agreement.
One of Belém’s key objectives was to establish a roadmap for climate finance. The agreement proposes to triple adaptation funding for emerging countries, aiming for $120 billion annually by 2035. While not all questions have been answered, this is a strong signal for the Global South
The EU’s carbon border adjustment mechanism, set to take effect on January 1, faced strong criticism at COP30, with several countries viewing it as disguised protectionism.
At the same time, a new international coalition was announced to strengthen cooperation on carbon markets. This initiative is welcomed by those who see carbon pricing and voluntary credits as key levers for achieving Paris Agreement goals
Other topics—such as tropical forest protection, just transition, and carbon market frameworks—saw meaningful progress and will remain high on the agenda for the next COP in Antalya.
“United Arab Emirates Consensus”: Name given to the official decision by UNFCCC parties to phase out fossil fuels (Loïzzo, 2023). This was the main achievement of COP28 held in Dubai in 2023.