COP29 in Baku, Azerbaijan has come and gone, leaving behind a sense of cautious reflection rather than the transformative shift many had hoped for. While the summit certainly brought some progress, it has left us with the bittersweet feeling that the climate crisis, with its urgent and pervasive impacts, still seems to be an issue addressed by small steps rather than bold, immediate action. In this sense, COP29 could be seen as both a missed opportunity and a call to rethink our approach to climate change.
A key discussion centered on mobilizing $300 billion annually by 2035 for climate mitigation efforts in vulnerable countries. While this figure might seem substantial, experts argue that at least $1.3 trillion is needed to address the crisis effectively. Even more concerning, however, is the lack of clarity about the sources of this funding; whether public or private, and how it will be allocated. While the commitments made are modest, they underscore a greater issue: the need for a radical shift in how climate finance is understood and structured.
Despite reservations, COP29 provided space for relevant debates about how to create a more inclusive and just financial system. The mobilisation of resources for the Global South is undoubtedly pressing, and the conversation is really just getting started. What is increasingly clear is that we must rethink the economic structures we have inherited, which often fail to address the systemic inequalities that underpin the climate crisis. Financial solutions must be holistic, incorporating the needs of vulnerable populations and the environment in ways that go beyond traditional market-driven approaches.
The environmental crisis cannot be solved by perpetuating existing power dynamics but requires finding solutions rooted in equity, justice, and a deep respect for the interconnectedness of all life.
Meanwhile, at the G20 summit, which ran in parallel to COP29, discussions on Universal Basic Income (UBI) for countries most affected by climate change gained traction. Countries in Latin America, including Brazil and Colombia, championed this idea, seeing it as a preventive measure against the growing polycrisis. UBI could offer a crucial safety net for populations already feeling the severe impacts of climate disruption. Despite its growing relevance and the goals set for COP30, UBI was sidelined at COP29, with market-based solutions taking center stage—solutions that largely overlook the root causes of the climate emergency.
The insistence on market-driven solutions, such as carbon credits, remains a central feature of international climate discussions. These mechanisms, which allow wealthy countries and corporations to offset emissions by purchasing credits from poorer nations, have yet to deliver the necessary reductions in global emissions. What is more concerning is that these market-based solutions reinforce a narrative of economic growth over environmental sustainability. Until the global conversation shifts away from this paradigm, meaningful progress will remain elusive.
The focus on market mechanisms at COP29 underscores the persistent power imbalances that shape climate action. Current international decision-making continues to rely on "realpolitik"—power dynamics that have failed to address both environmental and peace crises. This approach reinforces the dominance of wealthier nations and multinational corporations, while the voices of the Global South remain marginalized.
Although COP29 did not embrace the bold ideas needed to tackle the climate crisis, it has made one thing clear: The future of climate action lies in transforming how we relate to the planet and to each other. Climate change is a social justice issue that disproportionately affects vulnerable populations, yet their voices continue to be overlooked in global decision-making. The environmental crisis cannot be solved by perpetuating existing power dynamics but requires finding solutions rooted in equity, justice, and a deep respect for the interconnectedness of all life.
One potential avenue for transformative action underrepresented at COP29 is the Cap and Share model. This proposal advocates for a carbon tax on the largest polluters, with the revenue redistributed to support vulnerable populations. By holding major emitters accountable and ensuring the most affected communities are supported, Cap and Share challenges the economic systems that have exacerbated both environmental degradation and social inequality. Such an approach would lay the foundations for a fairer and more sustainable global response to the climate crisis.
Looking ahead to COP30, there is an opportunity to break the cycle and center discussions on a more profound philosophical reimagining of our relationship with nature. It is time to ask ourselves: What does a "good life" mean in the context of the climate crisis, and how can we redefine it in a way that prioritizes ecological harmony over economic interests? COP30 could be the moment to rediscover the wisdom that reminds us that humanity is not separate from nature, but an integral part of the web of life that sustains the planet.
To make this shift a reality, we must draw inspiration from initiatives that can empower local communities, particularly in regions most affected by climate change. The principles of Cap and Share can materialise not just through international policy but by supporting initiatives in local territories that engage communities who have suffered the consequences of climate change while also playing a critical role in preserving biodiversity. These initiatives could provide the foundation for overcoming the structural inequalities that perpetuate social and environmental harm, giving rise to a more just and sustainable world.
COP30 must, therefore, be the summit that moves beyond the transactional nature of past negotiations. It should be the moment when we embrace ideas that recognize the intrinsic value of nature and the need for global solidarity in protecting it. But for that to happen, we must first ask: Are we prepared to rethink the way we relate to the planet and each other in order to build a more just and sustainable future?
