After two weeks of intense negotiations, COP29 has come to a close. The outcome is an affirmation of the need for a collective global response. While the pace might not fully match the urgency of the challenge, it demonstrates that the Paris Agreement remains essential for climate action.

This latest round of global climate action negotiations has resulted in meaningful progress on key issues such as carbon markets, which have the potential to be transformative. 

The Parties also agreed to US$300 billion per year to developing countries to support their climate ambitions.  An effort to be led by developed countries.  

But this is just a floor and not a ceiling. As we have heard repeatedly from developing countries, as well as experts and researchers over the past two weeks, the true cost of meaningful climate action is much higher.

It is critical that the international community continues to build on Baku’s outcome to help these nations confront the challenges posed by climate change and achieve a green, just transition.

Climate change does not respect borders, and climate finance is not charity. Investing now benefits everyone—acting today is an investment in a safer, more equitable future for all.

We can, and must, do better. 

The road to COP30 is short. Countries are to arrive to Belem, Brazil with new national action plans to keep the 1.5 goal alive. Their ambitions must be matched by genuine public and private financial investments and coordinated international partnerships.  Only swift and bold action by each and every country can slow the steady march of climate change.   

UNDP sees first-hand the climate ambitions of developing countries, including the mobilization of their own resources. Yet, we remain concerned that, despite their efforts, they face promises slow on delivery, growing debt burdens, and shrinking fiscal space to invest in their national priorities.

On the way to COP30, UNDP’s Climate Promise – as the lead of UN climate efforts – will continue to work closely with over 100 countries and territories to put forward ambitious plans to keep 1.5 degrees Celsius in sight, building the economies and societies of the future.