New Action Agenda and calls for delivery as London Climate Action Week 2025 opens

Race to Zero: taking the lead on climate action

A central force behind this implementation push is the Race to Zero campaign. In 2024, the campaign reached 15,754 members across more than 150 countries, a new progress report published at London Climate Action Week reveals. Campaign members are taking tangible steps to reduce emissions – not simply making ambitious pledges.

The Asia-Pacific region, for example, is seeing significant growth, with more than 2,000 members now hailing from key economies like India, China, and Japan. New accelerators from developing countries are also ensuring the campaign stays inclusive and locally relevant.

Subnational leadership also remains critical. Cities and states from Mexico to Australia are setting net zero targets ahead of their national governments. Last year alone, they mobilised US$140 billion in climate-focused investments, with members cutting emissions, reducing supply chain risks, saving costs and creating new revenue streams.

Still, voluntary action has limits. New challenges — ranging from political instability to lack of accountability and “greenhushing” (when companies choose to undercommunicate their sustainability efforts) — have emerged. At London Climate Action Week, Race to Zero partners will be pushing for the enabling conditions that make systemic change possible: strong policies, stable regulatory environments, and aligned financial incentives.

“What we need now is pace with purpose, urgency with alignment and the capacity to reach the finish line together and in time”, said Nigar Arpadarai and Dan Ioschpe, COP29 and COP30 Climate High-Level Champions.

Recognising enabling conditions for adaptation and resilience

World leaders are under growing pressure to help communities not just cut emissions, but survive and adapt. A new technical report released just ahead of the London meetings by the Champions sets out a clearer path to scaling adaptation.

Drawn from lessons across the Race to Resilience campaign, the report defines four foundational enablers of resilience: inclusive governance, accessible finance, institutional capacity and emerging adaptation markets. This comes as a continuation of other guidelines, such as adaptation planning to manage long-term business risks.

The report also draws on the action framework of the Sharm El-Sheikh Adaptation Agenda, which sets measurable sectoral targets across food, water, health, and infrastructure to close the $366 billion annual adaptation finance gap and build resilience by 2030. It looks at practical solutions – such as early warning systems, mangrove restoration, and community-led water security programmes – and highlights that these frequently lack the policy consistency, financing, and coordination needed for long-term success.

The report calls for smarter tracking systems, stronger data, and investment in local leadership, particularly among Indigenous Peoples and frontline communities. With new metrics to monitor system-wide progress, the report is helping shape a shared agenda ahead of COP30.

Small and Medium Enterprises: the missing driver in the transition

The Climate High-Level Champions are also spotlighting the role of Small and Medium Enterprises (SMEs) in the green transition. SMEs account for the majority of businesses worldwide - representing 90% of global employment and 40% of GDP. SMEs also have the potential to unlock a US$789 billion green finance market. However, almost half cite access to capital as their top barrier to action.

The Climate-Proofing SMEs campaign includes 45 partners reaching 90 million SMEs across more than 100 countries. Launching at London Climate Action Week, a new SME Finance Sprint will now mobilise multilateral banks, commercial lenders and large corporates to close the finance gap in emerging economies.

The opportunity is clear. “SMEs can ensure a more equitable distribution of resources and benefits”, said Shameela Soobramoney, CEO at the National Business Initiative.

The Finance Sprint includes suggestions for concessional finance and risk guarantees, as well as data systems and streamlined reporting. It also calls on large corporations to help green their supply chains by investing in SME innovation.

Financing forests and scaling nature finance

Finally, nature-based solutions will take centre stage at London Climate Action Week, particularly through Tropical Forest Forever Facility (TFFF) proposed by Brazil, which is being co-designed with Indigenous Peoples representatives groups and local communities and other relevant stakeholders. The TFFF aims to mobilize around USD 4 billion annually, to be distributed among more than 70 tropical forest countries

Additionally, over 750 businesses and financial institutions are now backing the Nature Positive for Climate Action call to action. Rainforest Foundation Norway is launching an investor statement, and new leadership from Singapore, the UK and Kenya aims to grow high-integrity carbon markets. This is creating clarity, confidence and incentives to unlock nature finance at scale. This comes after a coalition of asset owners worth $9.5 trillion called for tackling financed deforestation risks as urgent and set out new guidance for action.

Find out more about the LCAW programme and follow the Champions on their website, LinkedIn and Instagram to learn more about their work in London and beyond.