Two days later than initially planned, on November 24, COP29 concluded. Simon Stiell, executive secretary of the United Nations Framework Convention on Climate Change (UNFCCC), acknowledged that the final decisions have not satisfied all parties. However, there are, on the other hand, elements to highlight among the progress achieved. At this summit, informally called the COP of finance, the objective was to update the annual flow of climate finance from developed countries to developing ones, from the 100 billion dollars, agreed by the international community in 2009, up to 1.3 trillion dollars. After a heated debate, since in this type of forums decisions must be agreed upon by consensus and not by majority, the final agreement was to achieve a figure of 300 billion dollars by 2035, which must be mobilized annually. An amount that, Without a doubt, it falls short, although with nuances to highlight. The specific contributions of each country remain undefined so far, including those that must contribute, as well as which parts will be donations and which public and private loans and investments. In order to increase contributions in the coming months, a roadmap “from Baku to Belém” has been established, with a view to COP30 to be held next year in that Brazilian city. In addition, there is hope that the figure may increase, given that at the moment China is not counted as a financing provider for this objective. Another topic with important advances at the beginning of this COP was the carbon market, when operating rules were established. for international trading of emissions reductions, both bilaterally and centrally. In both cases, this market can mean an additional flow of financing, mainly for developing economies, as long as technical integrity criteria are met, as well as environmental and social safeguards, complementing its use with national change mitigation strategies. Climate. In this way, in February of next year, countries will have to deliver an updated version of their nationally determined contribution (NDC), a document in which national emissions reduction goals are detailed. and in which they must increase climate ambition with a horizon to 2035. With a COP to be held in 2025 in the heart of the Amazon rainforest, will the flow of actions of the international community be up to what the world needs or will it be lost again among the branches of immobility? Marco Lara, BBVA Research.