CoP30, dubbed the “Truth CoP,” was expected to mark a global pivot from promises to real climate action. It carried extra weight as it marked ten years since the Paris Agreement. However, the Presidency’s final proposal,“Mutirão”, fell short by omitting a call for the urgent rapid phase-out of fossil fuels—coal, oil, and gas – at odds with what science tells us is needed to stay within the 1.5°C limit.

Since the 2009 COP 15 pledge of $100 billion annually for climate action, there have been cycles of bold ambitious commitments – $100 billion finance goal reaffirmed at COP21; establishment of the Loss and Damage Fund for vulnerable nations at COP27; and the collective agreement by 133 governments at COP28 to triple global renewable energy capacity by 2030. Yet pressing questions remain: where is all that money? Who benefits? Why do pledges surge before or during COPs?

COP30 continued the trend with major announcements including $5.5 billion Tropical Forest Forever Facility; and the Belém Declaration on Hunger, Poverty, and Human-Centered Climate Action—though notably without the US and India. For COPs to remain fit for purpose, we need a decisive shift—from lofty goals and big pledges to localized policy levers that enable investments for low-carbon development and adaptation. 

The latest global stocktake confirms: the world is off track to limit warming to 1.5°C. Nevertheless, there is some hope: without the Paris Agreement, emissions would have soared by 20–48% by 2035. This is progress—but not enough. With 86 updated national climate plans from 113 countries submitted, emissions are projected to further fall by 12% over the next decade but only with the right acceleration. Political will, finance, technology transfer, and capacity building—especially in developing countries is required. 

In this blog, I explore avenues for translating pledges into real climate action investments.

Innovative Finance and Private Sector Engagement as Catalysts for Climate Action

Emerging economies face an annual financing gap of USD 2.2 trillion through 2030 to meet their Paris Agreement goals. Nearly half of the USD 1.3 trillion in climate finance projected for developing countries by 2035 must come from private investment. To unlock this potential, high integrity carbon markets are essential. In Ghana, UNDP’s Carbon Payment for Development initiative is pioneering carbon markets for emission reductions in key economic sectors such as rice cultivation and diverting organic waste from landfills to recycling plants for compost production.

Tools such as the Green Finance Taxonomy Framework and UNDP Ghana’s SDG Investor Maps, are making climate investment attractive and transparent. These provide clear classification systems for what qualifies as “green” and profitable economic activity, positioning private sector interests at the heart of climate action.

However, private finance without the needed enablers cannot close the gap. Public finance must catalyze action through targeted subsidies, incentives, green concessional loans, and risk-sharing mechanisms—to make climate projects bankable, especially in high-emitting sectors like energy. 

Coordinated Action: Multilateralism for Impact

At a time of strained multilateralism, coordinated global action on climate has never been more urgent – a viewpoint that COP30 Presidency Proposal aligns with. UNDP’s (now UN) flagship Climate Promise – From Pledge to Impact Initiative, which supports over 120 countries and territories, demonstrates how collaboration accelerates climate action for collective gains.

We must reinforce multilateral platforms and partnerships that drive integrated solutions—linking finance, technology transfer, and capacity building with national development priorities while maximizing resource use efficiency. Climate Promise continues to offer a blueprint for how this can be achieved: by aligning ambition with implementation and ensuring that no one is left behind in the transition to a resilient, low-carbon future.

Investing Where it Matters Most

At COP30,  the Loss and Damage Fund launched, its first $250 million call for proposals, with disbursement expected by mid-2026. According to ClimateWorks Foundation, philanthropic funding for climate adaptation and resilience hit a historic high of $870 million in 2024. Yet, the critical questions remain: where does the money go? Who benefits? What impact does it deliver? Despite billions pledged globally, frontline communities—those most exposed to climate risks—receive only a fraction. Closing this gap demands a shift from promises to real impact through:

• Transparent reporting and tracking for accountability.

• Direct access for local actors, reducing reliance on intermediaries.

• Inclusive governance, giving communities a voice in decisions.

UNDP is driving these reforms to make climate finance a tool for resilience, equity, and justice—measured not by promises, but by tangible benefits for those most at risk.

Conclusion

COP30 may have missed the chance in reaffirming the urgency of actions needed to phase-out fossil-fuels, but it does still give hope in its launch of the “Global Implementation Accelerator”, a signal to move beyond promises to tangible and accelerated action. Actions that need to be backed by innovative finance, private sector engagement, coordinated multilateral action, and a climate finance tracking system that ensures transparency, and empowers local actors. The time for incremental steps is over; what we need now is decisive, inclusive, and well-financed actions at scale to secure a resilient, low-carbon future for all.