Climate change represents one of the most pressing challenges of our era, affecting the economy, environment and security of every country in the world. Rising temperatures, droughts, floods, and destruction of the ecosystem are already reshaping the game rules for business, governments, and society as a whole. For this reason, the annual UN Climate Change Conferences (Conference of the Parties, COP) have become the key international platform for defining humanity’s next steps in combating global warming.
COP29 outcomes: focus on finance and fair transition
In 2024, the 29th session of the Conference of the Parties (COP29) took place in Baku (Azerbaijan) and was marked by the achievement of a New Collective Quantified Goal (NCQG) — a key result of three weeks of negotiations.Following intense discussions, the participating countries established an annual target of 300 billion dollars for developing nations by 2035, with a broader, long-term objective of increasing climate financing to 1.3 trillion dollars. These intentions were formalised in the “Baku to Belém Roadmap” — a framework roadmap, jointly developed by COP29 participants (Azerbaijan). Its primary objective is to devise a comprehensive strategy for mobilising these funds, with a focus on not only emissions reduction but also adaptation, climate technology development, green energy, and loss and damage prevention.
For international businesses, this means greater access to funding for decarbonisation, energy efficiency, and circular economy projects, but also stricter transparency requirements for how funds are used.
Ukraine at COP29: a voice among partners
The Ukrainian delegation played an active role in COP29 through the Ukraine Pavilion, presenting initiatives on energy infrastructure recovery, hydrogen project development and business integration into carbon markets.For Ukrainian companies, participation in such events is not only prestigious, but also a gateway to international financing and partnerships, which will help rebuild the country in line with the principles of sustainable development.
BDO in Ukraine also used this platform to:
- Establish cooperation with international financial institutions;
- Discuss climate finance models with potential investors;
- Exchange experience with government representatives from Lithuania, Finland, Germany and the USA.
We continue to support decarbonisation technologies and help businesses adapt to European ESG requirements, ensuring that Ukrainian companies remain competitive on the global stage.
New challenges following Baku and business expectations from COP30
COP29 confirmed that the path to fulfilling the Paris Agreement remains complex. Despite the financial goal being adopted, not all countries were satisfied — particularly due to the lack of clear language on phasing out fossil fuels. In light of recent political developments in certain nations, there is a growing concern within the global community that the energy transition may experience a slowdown.The 30th annual UNFCCC conference, COP30, has officially opened In Belém, Brazil, and is set to run until 21 November 2025, gathering over 50,000 participants from 198 countries to discuss key climate matters and issues.
COP30 is expected to be the stage for practical implementation of the agreements reached in Baku.
Governments are expected to present:
- Updated Nationally Determined Contributions (NDCs) reflecting the financial commitments made in Baku;
- Initial results of the “Baku to Belém Roadmap”, showing transparent use of climate funds;
- Clear Global Goal on Adaptation (GGA) indicators to measure progress;
- New climate investment platform for business, with a focus on public-private partnerships.
However, businesses cannot afford to wait for perfect consensus. It is evident that companies should expect the following from COP30:
- Stricter climate risk reporting requirements (TCFD, CSRD, ISSB);
- Greater scrutiny of supply chains and carbon footprint assessments;
- Acceleration of methane reduction projects and adoption of non-carbon energy sources.
It is worth noting that at COP29, 25 countries announced their intention to exclude new coal capacities from national climate plans. This has created a new competitive dynamic for clean energy-oriented businesses.
For Ukraine, the conference is an opportunity to draw global attention to the environmental consequences of Russia's full-scale aggression (including damage to over 3 million hectares of forest) and to demonstrate its irreversible path towards the EU and sustainable development.
BDO in Ukraine’s position
The involvement of BDO in Ukraine in the COP29 climate conference in Baku marked a significant milestone in fostering international collaboration on sustainable development. For businesses, this is an opportunity to participate in the global dialogue and establish a benchmark for changes that will determine the mandatory requirements for corporate reporting and environmental strategies in the coming years.As an international company that actively implements sustainability principles in its operations and consulting services, BDO in Ukraine sees its mission as supporting Ukrainian businesses on their journey to ESG maturity.
We assist companies with:
- preparing reports in line with CSRD, GRI, ISSB;
- developing decarbonisation and climate risk adaptation strategies;
- attracting international financing for environmental projects.
The outcomes of COP29 confirm: the transition to a green economy is no longer a trend — it’s a necessity. And those companies that act today will gain a strategic advantage tomorrow.
Contact BDO in Ukraine to prepare your business for new climate standards. We will help you implement global sustainability practices, strengthen your company’s environmental responsibility, and unlock access to international financing opportunities.
