Global: Key outcomes and outlook from COP30

The 29th Annual Conference of the United Nations Framework Convention on Climate Change (UNFCCC) concluded in Baku, Azerbaijan, with significant progress in climate finance and policy. Expectations are high at what is known as the “Finance Conference of the Parties” as to whether new collective targets for climate finance will be set and whether the Article 6 rulebook will be finalized.

Read insights from our Global Climate Change Practice Group to learn more.

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Main results

1. New climate finance target
   The new collective quantified goal is to mobilize at least $300 billion per year for developing countries by 2035.
2. Rule 6 Rulebook Now Complete
   The Paris Agreement Article 6 rulebook governs international carbon markets and includes the methodologies and removal standards that enable the Paris Agreement credit mechanism to operate.
3. Loss and Damage Fund
   The fund is now ready to accept donations and is expected to begin financing projects in 2025.
4. The critical role of private sector finance
   The massive climate finance required highlights the importance of mobilizing private sector financing. Financing methods and other financing instruments need to be explored to address this gap.

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