Thought Leadership
What COP30 means for ESG
What COP30 means for ESG
From Baku to Belém: What COP29 means for ESG and what to expect from COP30
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: USD 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 prepares for 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 as the focus on finances with its principal outcome being new global finance goal, the main substantive outcome of the meeting was named the Baku Climate Unity Pact. Yet, many of the key mechanisms such as accountability and verification of 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. The following table outlines where COP29 left off, and what COP30 is expected to deliver.
| Theme | What Happened at COP29 (Baku) | What’s Expected at COP30 (Belém) | What It Means for Businesses and ESG Efforts |
| 1. Action and Accountability | Leaders focused mainly on setting finance goals, but there were few clear rules to check progress. | COP30 is expected to focus on how things get done with stronger systems to track, report, and verify results. | 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 | 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. | Belém should bring clearer rules on funding access, fairness, and how to protect poorer countries from extra debt. | 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 | Corporate ESG reporting and countries’ climate targets (NDCs) are still handled separately. | Expect efforts to join the dots between company reporting and national climate commitments. | Companies should align their sustainability reporting with international climate goals, making data more consistent and comparable. |
| 4. Nature and Biodiversity | Nature and forest protection were side issues in Baku. | With COP30 hosted in the Amazon, protecting forests, land, and wildlife will be front and centre. | “Nature-positive” actions (like reforestation or ecosystem protection) will become key parts of ESG performance. |
| 5. Fair and Just Transition | Social inclusion and job transition were mentioned but not detailed. | Expect a stronger focus on people, protecting workers, vulnerable groups, and communities during the green transition. | ESG programs will need to address social justice and fairness, not just emissions cuts. |
| 6. Governance and Technology | Only light discussion on transparency and data rules. | New attention on using digital tools and AI to monitor and verify climate and ESG data. | 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 is a chartered governance professional (FCG) and currently completing her PhD in Corporate Governance and Business Ethics.
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. https://www.iso.org/standard/89240.html)
- 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?
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