INTRODUCTION

The 29th Conference of the Parties (COP29), held in Baku, Azerbaijan, was another critical juncture in the global effort to address the escalating climate crisis. As nations convened to assess progress and chart the path forward, the summit underscored both the achievements and challenges inherent in tackling climate change. Among the key outcomes was a historic commitment to mobilize $300 billion annually for climate finance by 2035—a milestone for global climate cooperation. However, this pledge, while ambitious, has raised significant debates about its adequacy, especially from the perspective of developing nations disproportionately affected by climate change.

COP29 also brought to the forefront the complex and often contentious issue of carbon markets. As governments sought to operationalize Article 6 of the Paris Agreement, discussions highlighted the challenges of aligning varying national policies while ensuring transparency and fairness in international carbon trading. The summit also faced criticism for its lack of agreement on fossil fuel reduction, a crucial element in achieving global climate targets.

As we reflect on the outcomes of COP29, it becomes clear that the summit was not just about commitments and agreements but also about laying the groundwork for transformative action. The question remains whether these commitments will translate into meaningful progress or whether the gaps identified will continue to hinder the global sustainability agenda.