EY's COP30 Report: How Climate Data Demands Reshape FinTech

A new report from global consultancy EY indicates that COP30 has moved the climate conversation from goal-setting to tangible action, placing financial institutions at the centre of marshalling capital for the green transition. The analysis delves into the summit's consequences for the financial services industry.

The conference, hosted in the Brazilian city of Belém, convened over 56,000 attendees from 193 nations. EY’s report observes that despite the submission of more than 120 national transition plans, the world is still projected to warm by 2.3–2.5°C by 2,100.

Gillian Lofts, EY's Global Financial Services Sustainable Finance Leader, suggests the summit's success remains debatable.

"What changed, and what didn't, at COP30 for financial services?" she asks.

She adds: "Delegates in Belém left with mixed views. Progress on adaptation finance and the creation of a just transition mechanism was welcomed, but the absence of a roadmap to phase out fossil fuels drew criticism and keeps the policy signal uneven."

Mobilising capital for climate adaptation

A core issue during COP30 negotiations was the effective funnelling of capital from developed to developing nations for climate initiatives.

The Baku-to-Belém roadmap, which was released between the two most recent conferences, put forward a voluntary method for meeting the US$300bn yearly public finance goal set at COP29.

Adaptation finance received considerable attention during the summit. On this topic, the UNEP estimates that developing countries face a substantial funding deficit, ranging from US$284bn to US$339bn.

In response, the Global Goal on Adaptation aims to triple adaptation financing by 2035. This is supported by 59 global adaptation indicators that have been adopted to monitor progress.

According to the EY report, leading firms are already constructing layered capital stacks and portfolio guarantees to de-risk climate projects in emerging markets.

Developing infrastructure for carbon markets

Another key outcome from COP30 was the increased focus on establishing robust carbon markets, continuing a discussion from COP29. 16 countries have now submitted plans for cross-border carbon credit transfers, and many talks are centred on enhancing transparency and consistency in these markets.

The summit saw the approval of the first emissions reduction methodology for landfill gas projects. It also established standards for project approvals and safeguards, such as insurance or buffer systems, to manage reversal risk.

According to EY's analysis, carbon markets could represent a trillion-dollar opportunity. Countries could potentially save up to US$250bn on their transition efforts by 2030 by using credits.

The report highlights that major financial institutions are investigating ways to structure carbon credits and nature-based solutions into products like loans, funds and derivatives. Insurers are also beginning to create solutions to address delivery and permanence risks in the carbon trade.

Nature finance and social impact disclosures

The summit also reinforced the critical role of nature in climate action. Brazil introduced the Tropical Forests Forever Facility, a platform designed to mobilise US$125bn for forest protection, which has been endorsed by 53 countries.

A key development for the financial sector is the plan for the International Sustainability Standards Board to create a global nature-related disclosure standard by 2026.

This will be based on the existing Taskforce for Nature-related Financial Disclosures (TNFD) framework. EY’s Global Nature Action Barometer 2025 found that while 93% of companies discuss nature in their reporting, only 23% in the financial sector align with TNFD recommendations.

For the first time, a COP outcome has integrated the concept of a 'just transition' into the UN framework through the Belém Action Mechanism.

This voluntary platform aims to support communities affected by the phase-down of fossil fuels. Currently, only about US$16bn, or 3% of global climate finance, is directed towards these needs.

In her concluding thoughts on the report, Lofts explains that it offers a pragmatic set of recommendations for the finance sector.

"It highlights where financial services can credibly support delivery now – such as the mobilisation of capital for resilience, strengthening high-integrity market infrastructure under Article 6, and preparing for nature-related disclosures – and where a disciplined approach is needed while policy signals remain uncertain," she says.

She adds: "If you're shaping near‑term decisions in capital allocation, underwriting, product design or disclosures, I hope this guide helps focus on what's actionable."