This annual report, prepared under the guidance of the co-chairs of the Sharm el-Sheikh mitigation ambition and implementation work programme, presents a compilation of the reports on the two global dialogues and investment-focused events held in 2025, which are the fifth and sixth under the work programme. The fifth global dialogue focused on enabling mitigation solutions in the forest sector, drawing on national and regional experience, and the sixth focused on enabling mitigation solutions in the waste sector, including through circular economy approaches. The report reflects in a comprehensive and balanced manner the discussions held and presents key findings and opportunities and barriers identified relevant to the topics covered.