I arrived at COP29 in Baku, Azerbaijan, with a mix of hope and skepticism. With the world’s temperature getting close to the 1.5oC threshold, the stakes couldn’t have been higher. What struck me from the outset was the diversity of voices—from grassroots activists amplifying the concerns of the most vulnerable to policymakers navigating the complex web of international negotiations. This convergence reaffirmed a fundamental truth: addressing the climate crisis demands both collective resolve and individual responsibility.
As the conference unfolded (I joined in its critical final week), the outcomes, while not shocking, left me pondering on the progress we’ve made and the gaps we’ve yet to close. Here are my key takeaways:
- Financing Gaps: Progress, but Far from Equity
Let’s start with a win. The headline commitment to triple climate finance from wealthy nations to $300 billion annually by 2035 was a significant step forward. Yet, even as I welcomed this progress, the numbers felt glaringly inadequate.
The reality is stark: developing nations need trillions, not billions, to meet the dual challenges of mitigation and adaptation. And much of this funding still comes as loans, deepening the debt burdens of countries already grappling with the devastating impacts of climate change.
One promising aspect was the acknowledgment of private finance as a critical lever to scale climate action. If harnessed effectively, it could bridge the gap between pledges and the real resources required. But to meet our net-zero goals by 2050, wealthy nations must do more—both in terms of direct contributions and by creating systems that ensure equitable access to funds.
- Fossil Fuels: The Elephant in the (Drafting) Room
This was, without question, one of the most frustrating aspects of COP29. After nearly three decades of climate summits, the absence of a clear, actionable plan to phase out fossil fuels was glaring. Hearing the passionate pleas of activists and vulnerable communities during side events made the lack of progress on this front even harder to stomach. Ignoring the complete phase out of fossil fuel is like treating the symptoms without addressing the disease.
- Carbon Markets: A Rare Bright Spot
If there was one area where progress felt meaningful, it was carbon markets. I’ve been skeptical of these mechanisms in the past, given their history of loopholes and greenwashing. But this year marked a turning point.
For the first time, we saw real clarity on the rules for emissions trading under Articles 6.2 and 6.4 of the Paris Agreement. These guidelines are critical to prevent double-counting and ensuring transparency. While not perfect, they offer a foundation to rebuild trust in carbon markets and attract investments into crucial areas like reforestation, nature-based solutions, and carbon storage.
The challenge now is implementation. Robust enforcement mechanisms will be essential to maintain credibility, and it will take a concerted effort to ensure these markets deliver real, measurable impacts.
As we turn toward COP30 in Belém, Brazil, I’m left with a mix of hope and urgency. There’s however an opportunity here. The updated Nationally Determined Contributions (NDCs) due next year could inject the ambition we didn’t see in Baku. Brazil, as host, has already shown leadership with its ambitious emissions reduction target, and I hope this sets the tone for more transformative action.
Every COP reminds me of the duality of this process. It’s frustratingly slow, often bogged down in politics and compromises. And yet, it’s one of the few spaces where the entire world comes together to confront the climate crisis. For me, COP29 reinforced the importance of pushing for systemic change—not just within the negotiations but also in how we approach the climate crisis more broadly. Whether it’s finance, fossil fuels, or adaptation, we need bold, collaborative action that matches the scale of the challenge. Incrementalism isn’t going to cut it anymore.
As I left Baku, I felt a mix of exhaustion and determination. The road ahead is daunting, but if there’s one thing I’ve learned, it’s that the fight against climate change is worth every step.
Mayowa Oladele is a Ph.D. candidate in Chemical and Biomolecular Engineering.