Cop30 nearly went up in smoke – quite literally when a fire broke out in the conference centre. While the official statements talk about the historic success of the negotiations, a closer look at the results reveals a more fractured reality. Mired in geopolitical tensions, there were no clear winners. While some progress was made, the lack of a US delegation left a gaping hole in leadership; one that China was well positioned to take up, but failed to step up on its commitments.
With no one to put pressure on other economies like China and petrostates to take more responsibility, there was a lack of consensus and deep division on key issues. An effort to adopt a plan to phase out fossil fuels was dropped, and there was very little pressure on the shortfall in national climate commitments. The lack of a transition away from fossil fuels nearly derailed negotiations and in the end no mention of fossil fuels was made.
“Despite the disagreements over an explicit plan for the transition away from fossil fuels, the Paris Agreement implicitly mandates this as it is impossible [to] meet its goals without the replacement of dirty energy with clean alternatives across the world,” said Nicholas Stern, chair of the Grantham Research Institute at the London School of Economics.
Instead, leadership on transitioning away from fossil fuels is happening outside Cop, with the governments of Colombia and the Netherlands announcing their own international conference on the just transition away from fossil fuels, hoping to fill the gap that Cop30 has failed to address.
Still, it wasn’t all doom and gloom. Some measures were passed, including efforts on adaptation, just transition and climate finance. It also succeeded in putting more people impacted by climate change at the heart of the discussions, with a record number of Indigenous Peoples attending.
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Adaptation finance to triple by 2035
On adaptation, Cop30 delivered what Stern called “genuine progress” with a pledge to triple the finance goal from US$40bn to $120bn annually by 2035. Yet this five-year delay from the 2030 timeline proposed by climate vulnerable nations leaves frontline communities without the necessary support to “match the escalating needs they are facing now”, said Mohamed Adow of Powershift Africa.
In Belém, parties formalised the Baku Adaptation Roadmap, a 2026-2028 work programme for operationalising adaptation goals, including support for vulnerable nations to develop national adaptation plans. A comprehensive set of 59 voluntary, non-prescriptive indicators to track progress under the Global Goal on Adaptation was also finalised at the summit, representing a significant step forward for transparency and accountability.
But there’s a flaw: no dedicated funding or clear mechanism was introduced to require rich countries to actually deliver adaptation finance. While the summit’s presidency promised adaptation would no longer be secondary to mitigation, the final text merely “urges” rich nations “to increase the trajectory of their collective provision of climate finance for adaptation”.
Consequently, there are fears those most exposed to, and least responsible for, climate impacts will be left to pick up the bill. Mamadou Ndong Toure of Practical Action in Senegal argued that: “Adaptation cannot be built on shrinking commitments; people on the frontline need predictable, accountable support.” Without binding finance, there is a danger adaptation goals remain aspirational.
Groundbreaking just transition mechanism established, but finance gap threatens delivery
Another serious institutional achievement of this year’s Cop was the establishment of the Belém Action Mechanism on Just Transition, following years of civil society pressure. The mechanism commits to providing technical assistance, capacity-building and knowledge sharing to ensure the transition away from fossil fuels supports workers and communities.
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The new mechanism provides concrete steps towards implementation and ensures just transition will remain on the agenda at future summits.
Karabo Mokgonyana of Power Shift Africa celebrated the outcome, noting it had “finally grounded just transition in justice” by recognising equity, inclusivity, and the developmental needs of workers and communities, not just sectors or technologies as previous iterations did.
However, its effectiveness depends entirely on implementation. As Friederike Strub of Recourse Finance cautioned: “To make just transition happen we need public finance backing, systemic economic reform, and a clear roadmap to end fossil fuels.”
A critical concern remains that multilateral development banks (MDBs), which are expected to finance just transition projects, continue funding fossil fuels. With 73% of MDB climate finance delivered as loans rather than grants – often tied to austerity conditions – and MDBs actively promoting gas as a “transition fuel,” countries risk being locked into extractive models that directly contradict just transition principles.
Loss and damage fund launches
The final text also included a review of the Warsaw mechanism for loss and damage, the UN’s core policy framework for supporting countries on the frontlines of climate impacts. Financing for loss and damage has long been a fraught topic at previous Cops, with progress painfully slow: about $789m has been pledged to the fund but only around $432m is actually in the fund’s account.
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At Cop30, the fund launched its first call for funding requests with US$250m in grants allocated for 2025–2026. Applications open on 15 December, with countries given six months to submit proposals.
Cop30 president André Corrêa do Lago speaking at Paris Climate and Nature Week, October 2025. Photo: Moriah Costa
Harjeet Singh, global engagement director at the Fossil Fuel Non‑Proliferation Treaty Initiative, argued that while the institutional architecture is now “fit for purpose”, money remains the missing piece: “A system cannot rebuild a home without money. Bureaucratic pledges cannot feed a family whose crops have failed.”
Two-year work programme on climate finance
Climate finance wasn’t one of the main agenda items but it ended up playing a key role during Cop. One of the efforts included the launch of a two-year work programme on climate finance with a focus on article 9 of the Paris Agreement which states that countries “shall provide” climate finance. This usually means public financing, but the $300bn a year goal from last year’s Cop includes public and private finance.
This has caused some debate, as developing countries argue it allows developed countries to meet the goal without increasing their contributions.
Instead, a compromise was reached to include a two-year roadmap on how to implement article 9, including the provision on country obligations which will be co-chaired by representatives from developing and developed countries.
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This is part of a larger financing goal to $1.3tn, known as the Baku to Belém roadmap. While the roadmap delayed implementation by five years from 2030 to 2035, it includes practical steps on how to drive investment, said Ani Dasgupta, president and CEO of the World Resources Institute.
“Announcements throughout the week, from risk guarantees to country platforms, showed that these ideas are already moving from concept to implementation,” Dasgupta said.
$6.6bn in funding for Brazil’s Tropical Forest Forever Facility
Despite momentum around Brazil’s Tropical Forest Forever Facility (TFFF), the final outcome did not include a commitment to tackling deforestation. Still, Cop30 president André Aranha Corrêa do Lago said the Brazilian presidency would work on creating roadmaps on deforestation outside of Cop.
The final text did emphasise the importance of halting deforestation by 2030 to meet the Paris Agreement, but earlier drafts to reverse deforestation were left out
Brazil’s TFFF was hailed as a milestone by the Cop30 presidency, after it secured $6.6bn in funding from Germany, Norway, Brazil, Portugal, France and the Netherlands. The aim is to pay countries to keep their tropical forests instead of allowing them to be destroyed. It hopes to secure $25bn in funding to help support 74 tropical forest countries including Brazil and those in the Congo basin.
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However, some have questioned how effective the fund will be without binding government rules to stop harmful logging practices, as well as concerns about the financial risk and very little involvement with Indigenous Peoples and local communities.
Critical minerals removed from final text
The removal of all references to critical minerals governance from the final text ranks among the summit’s most consequential failures. Despite vocal support from the African Group of Negotiators and the Alliance of Small Island States, draft language on “social and environmental risks” in mining and “responsible” mineral processing was deleted in final negotiations.
China’s delegation led the opposition, citing a lack of consensus on definitions and potential damage to Chinese business interests, according to observers speaking to Dialogue Earth. Yet the stakes are undeniable. “Minerals are the backbone of the shift away from fossil fuels,” warned Antonio Hill of the Natural Resource Governance Institute. “Leaving their governance out of just-transition planning will undermine efforts to accelerate renewable energies by 2030.”
Beyond Cop’s negotiating rooms, African leaders are charting their own course. At a high-level dialogue held ahead of the G20 summit, senior policymakers outlined a pan-African strategic plan for turning mineral wealth into negotiating power.
Panellists stressed the importance of harmonised, robust ESG standards as well as a home-grown regional green mineral development fund. They also insisted technology transfers – another commitment cut from Cop30’s final text – must be “non-negotiable” for partners relying on the continent’s abundant mineral wealth to drive their own green industrialisation going forward.
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Marit Kitaw, former director of the African Union’s Minerals Development Centre who appeared on the panel, framed the challenge in comments on LinkedIn: “Africa holds the mineral ingredients for the global energy transition. The question is: is Africa ready to lead, to bargain, to industrialise, and become a rule-maker?”
The up-and-coming fintech scored a pair of fourth-quarter beats.
Diversified fintech Chime Financial(CHYM +12.88%) was playing a satisfying tune to investors on Thursday. The company’s stock flew almost 14% higher that trading session, thanks mostly to a fourth quarter that featured notably higher-than-expected revenue guidance.
Sweet music
Chime published its fourth-quarter and full-year 2025 results just after market close on Wednesday. For the former period, the company’s revenue was $596 million, bettering the same quarter of 2024 by 25%. The company’s strongest revenue stream, payments, rose 17% to $396 million. Its take from platform-related activity rose more precipitously, advancing 47% to $200 million.
Image source: Getty Images.
Meanwhile, Chime’s net loss under generally accepted accounting principles (GAAP) more than doubled. It was $45 million, or $0.12 per share, compared with a fourth-quarter 2024 deficit of $19.6 million.
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On average, analysts tracking the stock were modeling revenue below $578 million and a deeper bottom-line loss of $0.20 per share.
In its earnings release, Chime pointed to the take-up of its Chime Card as a particular catalyst for growth. Regarding the product, the company said, “Among new member cohorts, over half are adopting Chime Card, and those members are putting over 70% of their Chime spend on the product, which earns materially higher take rates compared to debit.”
Today’s Change
(12.88%) $2.72
Current Price
$23.83
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Key Data Points
Market Cap
$7.9B
Day’s Range
$22.30 – $24.63
52wk Range
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$16.17 – $44.94
Volume
562K
Avg Vol
3.3M
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Gross Margin
86.34%
Double-digit growth expected
Chime management proffered revenue and non-GAAP (adjusted) earnings before interest, taxes, depreciation, and amortization (EBITDA) guidance for full-year 2026. The company expects to post a top line of $627 million to $637 million, which would represent at least 21% growth over the 2024 result. Adjusted EBITDA should be $380 million to $400 million. No net income forecasts were provided in the earnings release.
It isn’t easy to find a niche in the financial industry, which is crowded with companies offering every imaginable type of service to clients. Yet Chime seems to be achieving that, as the Chime Card is clearly a hit among the company’s target demographic of clientele underserved by mainstream banks. This growth stock is definitely worth considering as a buy.
ROCHESTER, N.Y. — Student athletes are now earning real money thanks to name, image, likeness deals — but with that opportunity comes the need for financial preparation.
Noah Collins Howard and Dayshawn Preston are two high school juniors with Division I offers on the table. Both are chasing their dreams on the field, and both are navigating something brand new off of it — their finances.
“When it comes to NIL, some people just want the money, and they just spend it immediately. Well, you’ve got to know how to take care of your money. And again, you need to know how to grow it because you don’t want to just spend it,” said Collins Howard.
What You Need To Know
High school athletes with Division I prospects are learning to manage NIL money before they even reach college
Glory2Glory Sports Agency and Advantage Federal Credit Union have partnered to give young athletes access to financial literacy tools and credit-building resources
Financial experts warn that starting money habits early is key to long-term stability for student athletes entering the NIL era
Preston said the experience has already been eye-opening.
“It’s very important. Especially my first time having my own card and bank account — so that’s super exciting,” Preston said.
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For many young athletes, the money comes before the knowledge. That’s where Glory2Glory Sports Agency in Rochester comes in — helping athletes prepare for life outside of sports.
“College sports is now pro sports. These kids are going from one extreme to the other financially, and it’s important for them to have the tools necessary to navigate that massive shift,” said Antoine Hyman, CEO of Glory2Glory Sports Agency.
Through their Students for Change program, athletes get access to student checking accounts, financial literacy courses and credit-building tools — all through a partnership with Advantage Federal Credit Union.
“It’s never too early to start. We have youth accounts, student checking accounts — they were all designed specifically for students and the youth,” said Diane Miller, VP of marketing and PR at Advantage Federal Credit Union.
The goal goes beyond what’s in their pocket today. It’s about building habits that will protect them for life.
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“If you don’t start young, you’re always catching up. The younger you start them, the better off they’re going to be on that financial path,” added Nihada Donohew, executive vice president of Advantage Federal Credit Union.
For these athletes, having the right support system makes all the difference.
“It’s really great to have a support system around you. Help you get local deals with the local shops,” Preston added.
Collins-Howard said the program has given him a broader perspective beyond just the game.
“It gives me a better understanding of how to take care of myself and prepare myself for the future of giving back to the community,” Collins-Howard said.
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“These high school kids need someone to legitimately advocate their skills, their character and help them pick the right space. Everything has changed now,” Hyman added.
NIL opened the door. Programs like this one make sure these athletes walk through it — with a plan.
With the introduction of the Employee Ownership Development Act , Illinois is poised to create the largest dedicated public investment vehicle for employee ownership in the country.
State Rep. Will Guzzardi’s bill, HB4955, would authorize the Illinois Treasury to deploy a portion of the state’s non-pension investment portfolio into employee ownership-focused investment funds.
That would represent a substantial investment of institutional capital in building wealth for Illinois workers and seed a capital market for employee ownership in the process. And because the fund is carved out of the state investment pool, it doesn’t require a single dollar of appropriations from the legislature.
Silver tsunami
The timing of the Employee Ownership Development Fund could not be more urgent. More than half of Illinois business owners are over 55 years old and are set to retire in the coming decade. When these owners sell their firms, financial buyers and competitors are often the default exit – if owners don’t simply close the business for lack of a buyer.
Each of these traditional paths risks consolidation, job loss and offshoring of investment and production. These are major disruptions to the communities that have long sustained these businesses. Without a concerted strategy, business succession is an economic development risk hiding in plain sight, and one that threatens local employment, supply chain resilience, and the tax base of communities across the country.
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Employee ownership offers another path. Decades of empirical research show that employee-owned firms grow faster, weather economic downturns better (with fewer layoffs and lower rates of closure), and provide better pay and retirement benefits.
The average employee owner with an employee stock ownership plan, or ESOP, has nearly 2.5 times the retirement wealth of non-ESOP participants. That comes at no cost to the employee and is generally in addition to a diversified 401(k) retirement account.
Because businesses are selling to local employees, employee ownership transitions keep businesses rooted in their communities. This approach can support a place-based retention strategy for state economic policymakers.
Capital gap
Despite the remarkable benefits of employee ownership and bipartisan support from policymakers, a lack of private capital has impeded the growth of employee ownership: In the past decade, new ESOP formation has averaged just 269 firms per year.
Most ESOP transactions ask the seller to be the bank, relying heavily on sellers to finance a significant portion of the sale themselves, often waiting five to 10 years to fully realize their proceeds. Compared to financial and strategic buyers who offer sellers their liquidity upfront, employee ownership sales are structurally uncompetitive in the M&A market.
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A small but growing ecosystem of specialized fund managers has begun to fill this gap. They deploy subordinated debt and equity-like capital to provide sellers the liquidity they need, while supporting newly employee-owned businesses with expertise and growth capital (see for example, “Apis & Heritage helps thousands of B and B Maintenance workers become owners”).
This approach is a recipe for scale, but the market remains nascent and undercapitalized relative to the generational pipeline of businesses approaching succession. To mature, the market needs anchor institutional investors willing to commit capital at scale.
State treasurers and other public investment officers could be those institutional investors. Collectively managing trillions of dollars in state assets, they have the portfolio scale, time horizons and fiduciary obligation to earn market returns while advancing state economic development.
Illinois’ blueprint
Just as federal credit programs helped catalyze the home mortgage and venture capital industries in the 20th century, state treasurers and comptrollers now have the opportunity to help build the employee ownership capital market in the 21st.
Illinois shows us how. The state’s Employee Ownership Development Act is modeled on proven investment strategies previously authorized by the legislature and pioneered by State Treasurer Michael Frerichs. The Illinois Growth and Innovation Fund and the FIRST Fund each ring-fence 5% of the state investment portfolio for investments in private markets and infrastructure, respectively, deployed through professional fund managers. Both have generated competitive returns while catalyzing billions of dollars in private co-investment in Illinois.
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The Employee Ownership Development Fund would apply that same architecture to employee ownership. The Treasurer would invest indirectly by capitalizing private investment funds deploying a range of credit and equity. The funds, in turn, would invest a multiple of the state’s commitment in employee ownership transactions.
The employee ownership field has matured to a point that is ready for institutional capital. The evidence base is robust. The fund management ecosystem is growing. And the business succession pipeline is larger than it will be for generations.
Yet the field still lacks the publicly enabled financing interventions that have historically built new markets in this country. State treasurers, city comptrollers and other public investment officers have the tools and resources at their disposal to provide that catalytic, market-rate investment to enable the employee ownership market to scale.
Julien Rosenbloom is a senior associate at the Lafayette Square Institute.
Guest posts on ImpactAlpha represent the opinions of their authors and do not necessarily reflect the views of ImpactAlpha.
