Sabine Mauderer: Beyond Belém – from negotiation to implementation
Keynote speech by Dr Sabine Mauderer, First Deputy Governor of the Deutsche Bundesbank, at the CEPR (Centre for Economic Policy Research) Paris Symposium, Paris, 5 December 2025.
The views expressed in this speech are those of the speaker and not the view of the BIS.
Check against delivery
1. Introduction
1.1 The Road Past Belém
Thank you for the opportunity to kick off this important session on "Global Action without Global Governance". Being here in beautiful Paris reminds me that this month marks ten years since the Paris Climate Accord. The Accord stands out as a truly shining moment in our shared history and, equally, in our shared future.
However, it also serves as a stark reminder of the ongoing challenges in addressing climate change. Many of us returned from COP30 in Belém with a mix of hope and concern.
Concern, because the political landscape complicates consensus-building – as exemplified by the U.S. federal government's announced withdrawal from the Paris Agreement.
Hope, because COP30 showed that action is possible amongst a coalition of the willing, not letting ambition be dictated by the slowest mover.
One promising initiative – led by Brazil – is the Tropical Forest Forever Facility (TFFF), which brings together a diverse group of stakeholders. Another example of progress: After experiencing limited progress at the COP, Colombia and the Netherlands are moving forward by organizing an international conference of willing partners.
In this spirit, it is paramount that we move from negotiation to implementation, prioritizing practical solutions. Engaging the real economy is key – manufacturing companies, agricultural businesses and the construction sector, among others. Ultimately, they are the ones who drive innovation, invest, and implement the changes needed to achieve our climate goals.