COP29, the conference touted as the "finance COP," concluded recently in Baku and has shown promise and oversight in its treatment of nature within the climate agenda. The latest estimate of required financing stands at a staggering $1.3 trillion, a sharp contrast to the mere $300 billion pledged under the New Collective Quantitative Goal (NCQG), which remains contentious among many parties, especially the Global South. Moreover, the need, and therefore the estimates, keep increasing year-on-year with minimal mobilisation towards achieving these goals.
Within climate action conversations, forests have gained renewed recognition as being critical to achieving global climate goals, but the broader conversation around them remains muted. Much of COP29 has focused on energy transitions, industrial decarbonisation, and technological solutions, leaving nature as a peripheral topic and raising questions about whether the world is giving nature the central role it deserves.
Nature, a key player in combating climate change, is undervalued in discussions regarding climate finance commitments. While the forest carbon market has flaws and risks, it also has the potential to channel much-needed funding for nature-based mitigation, provided it is executed properly and carbon credit prices genuinely reflect the true value of forests and the services they provide.
