Several days have passed since the closing of the UN Climate Change Conference COP25 in Madrid, and it is important to conduct an honest and realistic assessment of what happened so that appropriate measures can be taken by the international community in guiding the next crucial steps in the multilateral climate process next year.
We need to be clear that the conference did not result in agreement on the guidelines for a much-needed carbon market – an essential part of the toolkit to raise ambition that can harness the potential of the private sector and generate finance for adaptation. Developed countries have yet to fully address the calls from developing countries for enhanced support in finance, technology and capacity building, without which they cannot green their economies and build adequate resilience to climate change. High-emitting countries did not send a clear enough signal that they are ready to improve their climate strategies and ramp up ambition through the Nationally Determined Contributions they will submit next year.