COP30: “Companies are more committed to climate issues than some think”

Ten years after the Paris agreement, almost 200 COP parties gathered in Belém, Brazil, to convene on the world’s climate issues. The urgency of the matter was underpinned by the fact that last year, 2024, was the warmest year recorded. 

While the parties at the summit reconfirmed that the Paris Agreement climate target sticks and important decisions were made to triple financing for adaptation measures for developing countries, there was no wording in the final text about phasing out the main cause of the climate change: fossil fuels.

We talked to Annika Ramsköld, Vattenfall’s Vice President for Sustainability, about COP30 and how the results will affect the progress of the climate transition:

“The lack of a roadmap for fossil fuels in the final text is naturally extremely unfortunate. The decision from the previous COP28 summit in Dubai about the need of ”transitioning away from fossil fuels” is still valid, though we would have preferred if it would have become more clear, tangible and measurable at COP30. We also need to remember that the vast majority still sees the need for a clear roadmap for fossil fuels, and that there are only a few countries opposing. There’s a big commitment to continue moving forward,” she says.

So would you say that COP is still important?

“Definitely, because it forces countries to discuss the topic and the different challenges and actions that need to be taken. If we look at what the COP has achieved in the past years, we’ve gone from the likelihood of reaching 4 degrees Celsius increase by the end of the century, to starting to bend the curve. Today the predictions are below 3 degrees, and a lot of countries are aiming to stay within 2 degrees. My view is that if we hadn’t had the Paris Agreement and the COP meetings, these outcomes would not have been there.”

What important results do you see from COP this time?

“First of all, there is the fact that 195 parties adopted the so-called Belém package with 29 different decisions. So, there is a clear outcome. Then there was the agreement to triple the finance for adaptation in developing countries until 2035. Thirdly there is also the COP30 action agenda with 117 plans on how to accelerate the different solutions by bringing governments, cities, business, indigenous peoples and civil society together.  I think  this is one of the great achievements: the focus on that we need to make the transition just and equitable, and that it must safeguard both people and nature. This is a much more holistic take than before.”

What surprised you from COP30?

“I think one of the big surprises was the clear way that trade and climate were connected, which has not been the case earlier. This minimize the risks of conflicts between trade and climate, and an agreement was made to have annual meetings in Bonn the coming 3 years. Another thing that surprised me is the fact that since the agreement was not as forward leaning as everyone had been hoping for, Brazil decided to start a different initiative aimed at creating a global plan to phase out fossil fuel. These discussions will continue in Colombia in April.”