The 28th edition of Climate & Finance captures a decisive shift in global climate governance: from voluntary ambition to institutional enforcement. As the UN climate summit exposed stalled political momentum—weak NDC updates from major emitters and renewed geopolitical fractures—credibility has become the scarcest climate resource.

In finance, the dissolution of the Net-Zero Banking Alliance signals the end of the “big-tent” voluntary era. National regulation and Article 6 bilateral mechanisms, such as Japan’s JCM and the Taiwan–Paraguay cooperation, are emerging as more resilient pathways to deliver real outcomes.

These stories highlight a new reality: climate action is no longer defined by pledges, but by systems capable of withstanding politics. The future of net zero will be determined not by ambition alone, but by the institutions that can turn ambition into accountability.