The COP25 UN climate conference in Madrid has come to a disappointing close, with the 27,000 delegates representing the various nations being unable to agree the main objectives of the meeting. It was hoped that the conference would agree rules for carbon markets and other forms of international cooperation to aid the working on the Paris Agreement, yet attendees could only agree to try to resolve the matter at the 2020 conference, which will be in Glasgow. Also postponed were decisions on reporting requirements and common timeframes. There were, however, some bright spots, with 177 companies managing US$34 trillion in assets committing to cut emissions to levels in line with the 1.5^oC target of the Paris Agreement, and more attention paid to managing oceans’ responses to climate change. Overall, though, the meeting yielded little. Climate activist Greta Thunberg summed up the feeling of frustration at the lack of progress at the talks by saying they “seem to have turned into some kind of opportunity for countries to negotiate loopholes”.