Reflections on COP 29: Progress and Opportunities in Climate Action

As a developer of climate projects and someone deeply committed to combating climate change and promoting sustainability, I, like millions of others worldwide, closely followed the developments at COP 29 in Baku, Azerbaijan. While the outcomes of the UN climate talks highlighted the immense challenges we face—ranging from global warming to greenhouse gas emissions and soil contamination—I remain optimistic. Here’s why: despite these hurdles, several key agreements and milestones emerged that hold the potential to drive meaningful climate action and global cooperation.

Milestone Commitments

1. Financial Support for Developing Countries
An ambitious agreement was reached where developed nations committed to channeling $300 billion annually into developing countries by 2035. These funds, sourced from both public and private sectors, aim to support climate adaptation and mitigation efforts.

Having witnessed the devastating impacts of flooding in Nairobi and droughts in Malawi and Zambia during my business travels, I am confident that this agreement is a step in the right direction. Although the pledged amount falls short of the $1.3 trillion requested by developing countries, it represents significant progress. Africa, with its rapidly growing population, requires robust infrastructure to mitigate the effects of climate change—a crisis often driven by industrial activities elsewhere. This $300 billion commitment can be a catalyst for meaningful change.

2. Progress on Carbon Markets (Article 6)
For the first time in years, COP 29 delivered a breakthrough on carbon markets, specifically on country-to-country trading under Article 6 of the Paris Agreement. While the final text requires detailed review, this agreement will enable nations to achieve their climate goals more efficiently and affordably. From my experience, I know how eagerly my African partners awaited this decision.

3. Centralized Carbon Market Standards (Article 6.4)
On the first day of COP 29, countries reached an agreement on standards for a centralized carbon market under the UN’s Article 6.4 mechanism, marking a significant step forward for developing and least-developed countries. This initiative has the potential to unlock new financial flows and provide much-needed capacity-building support, enabling these nations to participate meaningfully in the carbon market. However, its success will rely on the practical implementation of these standards and the fair distribution of resources. Without clear, actionable frameworks and accountability measures, the agreement risks failing to deliver its intended impact.

4. Inspiring the Next Steps

The conference also highlighted how few large-scale projects currently exist under frameworks like CORSIA and Article 6. This presents a unique opportunity—and a strong motivation—for developers like us to lead the way in delivering high-quality carbon credits to the market.

Building Connections and Collective Action

One of the most rewarding aspects of COP 29 was the opportunity to engage with hundreds of inspiring individuals, including politicians, business leaders, and NGOs, from all corners of the world. These candid and productive discussions reaffirmed my belief that while perspectives may differ, our collective determination can drive real progress. Together, we can tackle the challenges of climate change and secure a sustainable future for generations to come.

Igor Akhmerov, CEO AIM Carbon