Corporate executives globally have convened in São Paulo in anticipation of this year’s United Nations climate discussions, officially known as COP30. This marks the second leg of my two-week visit to Brazil, undertaken to gauge current global strategies for addressing climate change.

A frequent query I receive concerns the value of dedicating considerable time and effort to COP events. This query has been particularly prevalent this year, influenced by swift developments in the U.S., including increased power demand due to AI and the continued challenge to climate policy by the Trump Administration.

My response has become unequivocally clear: comprehending the current status of climate initiatives demands an in-depth, nuanced perspective, more so now than ever before. Gaining an accurate understanding necessitates a granular examination across regions, sectors, and technologies. Predicting future trajectories, furthermore, involves confronting evolving economic landscapes. For me, participating in COP offers an intensive immersion, providing rapid insights into these complex issues. A key takeaway is that geopolitical strains, shifting trade patterns, and technological breakthroughs collectively indicate that the U.S. no longer holds the primary influence in global climate action.

Over the last ten years, a significant portion of my time at COP was spent observing the activities of the U.S. delegation—from their efforts to broker compromises for the Paris Agreement to witnessing the initial Trump Administration promote coal-fired power as a clean energy option.

The pronouncements of the U.S. held considerable sway, compelling global negotiators to accommodate the nation’s internal concerns. As an illustration, in 2015, U.S. negotiators protracted discussions into the early morning regarding specific phrasing within a section of the Paris Agreement, fearing it could necessitate Senate ratification.

In Belém, the Amazonian city designated for the official launch of COP30 proceedings next week, governmental leaders from several dozen nations convened on November 6 and 7 with the Brazilian president. This assembly featured both implicit and explicit critiques of the U.S., yet provided no sign that other nations intend to emulate the U.S.’s approach.

However, this does not imply that governments are progressing at the required pace or scope. A significant majority of countries have not submitted updated climate plans to the U.N. as previously committed. While the submitted plans generally indicated progress in emissions reduction, it was insufficient to achieve climate objectives. Nevertheless, the core focus of this COP—and indeed contemporary climate action—is less on establishing targets and more on practical implementation. Plans hold little value without concrete execution. A substantial portion of the effort to realize these targets is currently originating from the private sector.

Indeed, in São Paulo, private sector leaders appear eager to comprehend the evolving environment, largely unfazed by the U.S.’s reduced involvement. Global electricity demand is growing, stimulating investment in clean energy to meet this need. Affordable clean technologies from China, such as electric vehicles, are fostering new opportunities for Chinese exporters and global importers. Furthermore, in numerous nations, including Brazil, the availability of clean energy and bio-economy solutions, like biofuels, presents ample opportunities for immediate decarbonization investments. Joaquim Levy, a former Brazilian Minister of Finance, stated during a panel I moderated in São Paulo this week that, “In Brazil, climate finance is really mainstream finance.”

While policy initiatives have decelerated in certain global regions, they persist in others. Brazil recently introduced a new emissions trading system. Concurrently, disclosure frameworks mandating companies to report emissions and climate risks are commencing across much of Asia.

The full implications of these developments for the climate talks in Brazil are yet to unfold. The Brazilian hosts have introduced several tangible programs designed to build momentum, notably a significant initiative for forest protection and a strategy to expedite climate finance. Nevertheless, participants will, at minimum, depart Brazil with the assurance that climate action remains robust and active.

At a TIME dinner in Rio de Janeiro earlier this week, , recognized this year on our annual , succinctly articulated the situation: “What else gives me hope?” he posed to the audience. “It’s the realization that Washington D.C. is not America, and America is not the world.”

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