By Boglarka Radi, 10 November 2025
After nearly three decades of climate diplomacy, the annual COP meetings have become both a stage for ambition and a mirror of stagnation.
Each year, these conferences leave us with a sense of inspiration and unease. Inspired because it continues to gather and reaffirm the urgency of action, and unsettled because despite the increasingly sophisticated language around ‘net zero’, ‘nature positive economies’, we continue to remain off course for 1.5°C. Therefore, it’s hard to ignore the contradiction.
The outcome of Baku COP29 captured this paradox: $1.3 trillion climate finance roadmap (agreeing on a new climate finance goal of at least $300 billion per year from developed countries by 2035, with a wider aspiration to mobilise $1.3 trillion annually by 2035) yet beneath the historic numbers lay familiar concerns. How the funds exactly will flow and how much of that capital will truly reach the communities most affected by climate change.
As the world heads to COP30 in Belém, Brazil (10-21 November 2025), the climate and sustainability community faces an inflection point. COP29 in Baku last year was widely characterised by the focus on finances with its principal outcome being the new global finance goal, and the main substantive outcome of the meeting named the Baku Climate Unity Pact. Yet, many of the key mechanisms such as accountability and verification of environmental, social and governance (ESG) principles were deferred.
For governance and ESG professionals, the question is not ‘What will be promised’ but instead ‘What will be proven?’
Looking back: COP29
Reading all the articles, to me, COP29 will always be remembered as the ‘Finance COP’. It seemed to be a conference about numbers, about targets and about the scale of global capital mobilisation.
As a governance professional, I found myself particularly drawn to the quiet but significant conversation around the ISO ESG Implementation Principles, introduced as a new global foundation for credible sustainability reporting (ISO, 2024). These principles signal a shift toward a more standardised, verifiable ESG ecosystem, a necessary evolution, in my view, if we were ever to bridge the gap between corporate actions and global accountability.
Looking forward: COP30
As we head toward COP30 in Belém, Brazil, I sense that the tone will, and must, change compared to previous years. The conference is not only geographically rooted in one of the planet’s most vital ecosystems, the Amazon, but it is also symbolically positioned to test whether the world can truly connect climate ambition with environmental justice and social inclusion.
From COP29 to COP30: The shift from targets to implementation
As the process moves from Baku to Belém, the agenda must evolve from ambition to accountability. Let’s consider where COP29 left off, and what COP30 is expected to deliver.
1. Action and accountability
What happened at COP29 (Baku)
Leaders focused mainly on setting finance goals, but there were few clear rules to check progress.
What’s expected at COP30 (Belém)
COP30 is expected to focus on how things get done with stronger systems to track, report, and verify results.
What it means for businesses and ESG efforts
Expect more checks and reviews on sustainability data; companies may need to prove that their climate or ESG claims are accurate.
2. Climate finance and fairness
What happened at COP29 (Baku)
A big finance target was set ($300 billion a year from developed countries, $1.3 trillion overall), but it’s still unclear who gets the money and how.
What’s expected at COP30 (Belém)
Belém should bring clearer rules on funding access, fairness, and how to protect poorer countries from extra debt.
What it means for businesses and ESG efforts
Greater demand for transparency; investors and companies will need to show where money goes and what impact it delivers.
3. Connecting ESG and climate goals
What happened at COP29 (Baku)
Corporate ESG reporting and countries’ climate targets (Nationally Determined Contributions) are still handled separately.
What’s expected at COP30 (Belém)
Expect efforts to join the dots between company reporting and national climate commitments.
What it means for businesses and ESG efforts
Companies should align their sustainability reporting with international climate goals, making data more consistent and comparable.
4. Nature and biodiversity
What happened at COP29 (Baku)
Nature and forest protection were side issues in Baku.
What’s expected at COP30 (Belém)
With COP30 hosted in the Amazon, protecting forests, land, and wildlife will be front and centre.
What it means for businesses and ESG efforts
“Nature-positive” actions (like reforestation or ecosystem protection) will become key parts of ESG performance.
5. Fair and just transition
What happened at COP29 (Baku)
Social inclusion and job transition were mentioned but not detailed.
What’s expected at COP30 (Belém)
Expect a stronger focus on people, protecting workers, vulnerable groups, and communities during the green transition.
What it means for businesses and ESG efforts
ESG programmes will need to address social justice and fairness, not just emissions cuts.
6. Governance and technology
What happened at COP29 (Baku)
Only light discussion on transparency and data rules.
What’s expected at COP30 (Belém)
New attention on using digital tools and AI to monitor and verify climate and ESG data.
What it means for businesses and ESG efforts
Organisations should strengthen data systems, ensuring sustainability data is reliable, traceable, and digitally secure.
To me, the change of scenario from Baku to Belém is more than a change of venue. It is a shift in mindset. It points to the transition from promises to proof, from the pursuit of funding to discipline and measurable progress.
Despite the growing momentum, significant challenges remain. Geopolitical tensions could weaken collective ambitions. Many developing nations still face capacity gaps that limit their ability to benefit from new initiatives. So, the road to Belém in short, will test our ability to keep global cooperation consistent and credible.
About the author
Boglarka Radi is an award-winning chartered governance professional and company secretary for a multinational financial services group, recognised for her leadership in ESG and ethical governance. With over a decade of experience in complex, regulated environments, she combines academic depth with practical expertise to influence board-level decision-making and drive sustainable, responsible business practices.
This article has been republished with permission from the Corporate Governance Institute, a global educational technology company specialising in training and certifying the next generation of company directors and board members.
References
- UNFCCC (2024). COP29: UN Climate Conference Agrees to Triple Finance to Developing Countries.
- C2ES (2024). Key Negotiations and Outcomes of the UN Climate Change Conference in Baku.
- ISO, 2024. Link
- The Guardian (2024). COP29 Deal Fails to Consider Inflation, Economists Warn. Link
- Carbon Brief (2024). COP29: Key Outcomes Agreed at the UN Climate Talks in Baku. Link
- WRI (2024). COP29 Outcomes and Next Steps.
- SEI (2024). COP29 Unpacked: Eight Critical Topics Driving the Climate Agenda in Baku.
- Diligent (2024). COP29: A Turning Point for ESG?
- WWF (2025). WWF Letter on COP30 Action Agenda.
- Chatham House (2025). What is COP30 and Why Does It Matter?