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Climate and the summits
Climate has been on every G7, G20 and COP agenda for a generation. We track what leaders actually agree on finance, emissions and fossil fuels, and what it means for business.
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Why it matters
Climate change has been on the G7 agenda since the 1980s and on every G20 agenda for more than a decade, while the UN climate conference, COP, is where countries negotiate the rules. The Paris Agreement set the goal of holding warming well below 2°C, and each round of national plans is measured against it.
The road now runs from COP30 in Belém to COP31 in Antalya in November 2026. For business, the summit outcomes shape carbon pricing, disclosure rules, clean-energy incentives and the finance available for adaptation and resilience.
On the summit agenda
Climate finance: the $300 billion goal
At COP29 in Baku, countries agreed a new goal of at least $300 billion a year for developing countries by 2035, led by developed nations, alongside a call to scale finance from all sources to $1.3 trillion a year. How that money is raised, and through which banks and funds, is now a standing item for the G7, G20 and the multilateral development banks.
National climate plans
Under the Paris Agreement, each country sets its own emissions targets, known as nationally determined contributions. The latest round runs to 2035, and the gap between those pledges and the 1.5°C goal shapes every COP negotiation and much of the business planning around it.
Fossil fuels and the coal phase-out
COP28 in Dubai called for transitioning away from fossil fuels in energy systems, tripling renewable capacity and doubling energy efficiency by 2030. G7 leaders separately committed to phase out unabated coal power in the first half of the 2030s. Each summit since has been tested against those words.
Carbon markets and border carbon pricing
COP29 completed the rules for a UN-supervised carbon market under Article 6 of the Paris Agreement. Meanwhile, the European Union's Carbon Border Adjustment Mechanism moved into its definitive phase in 2026, putting a carbon cost on some imports. Both matter directly to exporters, investors and supply chains.
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