COP29, the 29th Conference of the Parties to the United Nations Framework Convention on Climate Change, is here. World leaders, policymakers, and stakeholders are gathering in Baku, Azerbaijan, this week and the next to negotiate and discuss global climate action.

COP29 arrives at a decisive moment as the world confronts the interconnected crises of climate change, biodiversity loss, and land degradation - demanding urgent, coordinated, and—most importantly—ambitious responses, solutions, and goals for meaningful climate action to happen now.

Being referred to as the "Finance COP," COP29's primary focus is securing and mobilising climate finance to support mitigation, adaptation and the energy transition, particularly for developing countries. 

While not the central focus, nature-based solutions and carbon markets remain key components of the COP29 agenda. A dedicated thematic day will highlight the role of Indigenous Peoples in preserving ecosystems and the potential of nature-based solutions for climate mitigation and adaptation. Negotiations on Article 6 of the Paris Agreement, which governs carbon markets, will also continue, with the goal of finalising rules and unlocking carbon trading for emissions reductions.

Below is a summary of some of the key themes:  

Pushing Stronger Climate Ambition: COP29 is a crucial platform for countries to strengthen their Nationally Determined Contributions (NDCs) before the 2025 deadline. With the next round of NDCs due shortly after the conference, world leaders, especially those from major emitting countries, must outline deep, rapid, and sustained targets aligned with the 1.5°C goal. These NDCs should encompass sector-specific targets, prioritise a just transition for affected communities, and include robust adaptation commitments that address the needs of vulnerable groups. By setting clear expectations and demonstrating leadership, COP29 can catalyse global action and inspire greater ambition from governments, businesses, investors, and cities. 

Enabling Climate Action: Climate finance is taking centre stage, mainly focusing on establishing a New Collective Quantified Goal (NCQG). This new goal aims to replace the 2009 commitment in which developed nations agreed to provide $100 billion annually by 2020 to help developing countries reduce emissions and build resilience against climate impacts—a target that was not met and has since proven inadequate. Recent estimates indicate that, even after deploying their own resources, developing countries will need an additional $500 billion to $1 trillion annually in climate finance from international sources.

Operationalising Article 6: Article 6 of the Paris Agreement aims to establish a framework for international carbon markets, enabling countries to cooperate in achieving climate targets. However, operationalising Article 6 has been challenging, with negotiations stalling on key issues like project eligibility and transparency. Despite lacking a fully functional framework, some countries have forged ahead with bilateral agreements, but the overall impact remains limited. With growing concerns about greenwashing and corporate accountability, a robust and transparent carbon market under the UNFCCC is crucial for mobilising climate finance and driving genuine emissions reductions. 

COP29 holds immense potential to advance global carbon market standards, marking a pivotal step towards a robust and credible market. 

Reaching a consensus on Article 6 of the Paris Agreement can define how countries cooperate to achieve climate targets. COP29 can establish a foundation for advancement in the global carbon markets standardisation, supporting the development of methodologies for cutting carbon usage, establishing a market-based system for carbon credits, registration of activities and accreditation of third-party verification bodies. It could also define high-quality carbon credits, ensuring projects transparently prioritise emission reductions and human rights through the right accounting and measuring tools. A successful outcome at COP29 will ultimately unlock climate finance, particularly for developing nations, and accelerate global efforts to combat climate change. 

Creating a global carbon market under the UNFCCC is a needed opening for the carbon markets, but it must be done with clear rules. 

At Treeconomy, we understand that nature restoration is the ultimate climate solution—a powerful carbon removal tool. To help others recognise this value, we combine data and technology to provide clear, measurable proof. This is why we support developers throughout their project lifecycle—from design to implementation—by offering comprehensive services in project data and monitoring, brokerage, and finance. Our goal is to facilitate the development of more nature-based projects with measurable carbon removal impacts that build trust and confidence among investors and carbon buyers, ultimately expanding the supply to meet current and future market demands.

We strive to channel more finance into nature to combat climate change, support biodiversity, and improve livelihoods. By supporting nature-based project developers, we strive to achieve this vision. Our approach ensures:

If you are a developer seeking to build a successful nature-based project, contact us! Reach out at hello@treeconomy.com or fill out the form here.