Key reflections from week two of COP30: Turning ambition into action

The United Nation’s annual Climate Change Conference (COP30) in Belém, Brazil came to a close on Saturday 22 November, following two weeks of discussions and negotiations aimed at limiting global temperature rises and their impact.

In Key reflections from week one of COP30: Turning ambition into action we summarised the key points from week one of COP30. Week two was no less eventful with a host of initiatives being proposed. Here are some of the key takeaways from the second half of COP30.

The “Belém political package” of measures to combat climate change was adopted

The framework of commitments (also called the global mutirão) included:

• “The scaling up of financing for developing country Parties for climate action from all public and private sources to at least USD 1.3 trillion per year by 2035”, and tripling adaptation finance by 2035.
• The launch of “Belém Mission to 1.5” and a “Global Implementation Accelerator” to “accelerate implementation, enhance international cooperation across all actors to keep 1.5 °C within reach, and support countries in implementing their nationally determined contributions and national adaptation plan”; 
• Reaffirming commitments made at previous UN Climate Change Conferences in respect of limiting global temperature increases, financing for countries most susceptible to climate change and co-operation between nations.

The global mutirão has attracted criticism, including from a number of countries at COP30, for its failure to directly reference fossil fuels and their phase out in its final text. This is despite the inclusion of fossil fuels in previous drafts of the global mutirão and COP 30’s host, Brazil, proposing the idea of a “roadmap” for moving away from fossil fuels.

 
Combatting deforestation was unsurprisingly a priority for a host country which contains 60% of the Amazon rainforest

With increased prevalence and severity of climate induced forest fires, week 2 included a day focused on integrated fire management, forest restoration and monitoring. The Tropical Forest Forever Facility (TFFF) was also launched to provide long-term and sustainable financial support to countries with tropical forests. The TFFF shifts the support available to these countries from public donations and grants to a blended public-private investment model. Recipients of funding will be able to determine how best to utilise funds and at least 20% of funds will be available to indigenous peoples and local communities. There was, however, very little in the final Belém political package on deforestation beyond what had been agreed at previous UN Climate Change Conferences.

Marine-based solutions to tackle climate change were given prominence  

A UN Ocean Task Force was launched to encourage countries to incorporate ocean-related initiatives and targets into their climate plans, and 17 countries including the UK have committed to this through the Blue NDC Challenge. This was supported by the introduction of the Blue Package which provides a road map to accelerate marine-solutions across marine conservation, renewable energy, shipping, and coastal tourism.  Potential developments in countries and between countries who have committed to support these projects could include more sustainable shipping and marine transportation, increased focus on marine protection and aquaculture, and investment in the “blue” economy.

Agriculture’s role in tackling climate change will be under the spotlight in the UK

The UK and Brazil jointly launched the Belém Declaration on Fertilisers, a global plan to reduce greenhouse gas emissions from fertiliser production and optimise nutrient efficiency by 2035. The Declaration’s aims include the creation of the first international standard for low-emission fertilisers and leveraging AI tools for farm-level strategies. Given that the UK is a founding country to the Declaration, it is likely we will see measures implemented in the UK which could impact on agribusiness contracts and stimulate investment in low-carbon technology and alternatives to traditional fertilisers.

What now?

The above developments are just some of the key points from COP30 and we are now waiting to see what actions governments will take in respect of the commitments made. We are, however, likely to see adaptations to the regulatory, legislative and financial landscape as governmental targets for achieving emissions reductions, including net zero targets, creep ever closer. 
Companies should therefore ensure that their “sustainability” house is in order so that they can get to grips with new or amended regulation or legislation and reporting requirements quickly. Actions may include reviewing existing sustainability-related policies and procedures to ensure that they are current and relevant or carrying out an ESG audit, gap analysis or horizon scanning exercise to determine any actions the company should take. Mills & Reeve can support with this- for more information or to discuss how we can help your organisation, please contact one of our lawyers.