Wolfgang Brückner, Managing Director of First Climate Project Development looks at key issues, challenges, and his expectations for the upcoming climate summit.
In just a few weeks, all eyes will again be fixed on climate negotiations among 198 Member States at COP29, held this year from November 11 to 22 in Baku, Azerbaijan. Expectations for the UN Climate Change Conference are high. The escalating impacts of climate change demand concrete outcomes and solutions to meet ambitious global climate targets.
At First Climate, we’re looking to the upcoming climate summit to bring together governments, the private sector, and civil society in making binding decisions that will advance global climate action. The time for talk is over—COP29 needs to deliver real action.
Find out here which key issues First Climate believes should take center stage at the summit.
Implementing Article 6 and Scaling Carbon Markets
The voluntary carbon markets offer immense potential for global emissions reduction and remain one of the few tools capable of scaling climate impact. Recent public debate on the integrity and quality of carbon markets has sparked a reform process aimed at enhancing transparency and raising overall market standards. Now, we need to pick up the pace!
At this year’s COP, First Climate is particularly focused on establishing a formal and recognized methodological framework with clear, actionable regulations and standards for climate projects under Article 6 of the Paris Agreement. Especially given that last year’s discussions on implementing the provisions in Articles 6.2 and 6.4 ended without consensus, concrete measures are now on the table that have previously proven difficult to implement. A key priority is the establishment of a centralized multilateral market under Article 6 as a foundation for robust, high-quality, and transparent carbon markets.
Climate Finance and the Loss and Damage Fund take center stage at the “Finance” COP
The drastic funding gap for climate adaptation will be a central issue at this year’s conference in Baku, earning the conference the name “The Finance COP”. The Global North’s decision in 2022 to establish a financial mechanism for addressing climate-related loss and damage was both essential and timely.
However, with the $100 billion annual commitment from industrialized nations to support vulnerable countries set to expire in 2025—and no clear agreement on how heavily impacted countries will access these critical funds—this year’s climate conference must set new targets for the fund. We need clear steps to ensure that the fund is fairly and swiftly distributed and implemented. Private sector involvement will be crucial here, as private capital is key to scaling the fund effectively.
New National Climate Plans in 2025
With the February 2025 deadline for updated climate commitments fast approaching, another key issue will be how nations plan to fulfill their Nationally Determined Contributions (NDCs). For countries to present these ambitious new climate plans, COP29 must first clarify what financial resources will be available to them.
This is why we expect much of the debate to center on increasing countries’ financial commitments under the New Collective Quantified Goal (NCQG) to support vulnerable nations in adapting to the impacts of the climate crisis. This is essential to ensure that developing and emerging countries receive assistance in the event of disasters, such as devastating floods or droughts.
Creating more incentives for corporate decarbonization
The private sector remains crucial in the transition to a low-carbon economy. Companies voluntarily taking steps toward decarbonization can set a powerful example for others, helping to scale ambitious climate action globally. For decarbonization to succeed on a larger scale, it’s essential that governments encourage the private sector to take action with incentive structures.
COP29 presents an opportunity to establish corporate decarbonization as a cornerstone of global climate action. Forward-thinking climate policies, frameworks and guidelines—such as those from CDP or the EU’s Corporate Sustainability Reporting Directive (CSRD)—are essential to support companies in refining their climate strategies and setting climate targets that align with the shift toward renewable energy and more sustainable operations.
We hope that COP 29 will bring much-needed long-term clarity for this. Carbon pricing in particular needs market mechanisms that reflect the real cost of carbon emissions. Right now, it is often cheaper for companies to use high-emission energy sources, production and transport methods. Carbon pricing tools, like emissions trading and carbon taxes, are designed to counter this by putting a price on these emissions, incentivizing companies to invest in renewable energy and more efficient technology.
COP29 presents an opportunity to establish corporate decarbonization as a cornerstone of global climate action. Forward-thinking climate policies, frameworks and guidelines—such as those from CDP or the EU’s Corporate Sustainability Reporting Directive (CSRD)—are essential to support companies in refining their climate strategies and setting climate targets that align with the shift toward renewable energy and more sustainable operations.
Overview: What’s on the Agenda?
At COP29, thematic days will spotlight how climate change affects different sectors and the unique challenges each faces. Here’s a look at what we consider some of the most important thematic days:
November 14: Finance, Investment and Trade: The role of sustainable finance in scaling climate solutions
November 15: Energy/Peace, Relief and Recovery: How renewable energy can contribute to peace and resilience in conflict zones and regions affected by disasters
November 16: Science, Technology, Innovation/Digitalization: How technological advancement can advance global climate action
November 18: Human Development/Children and Youth Health and Education Looking at the impacts of climate change on upcoming generations, health, and education
November 19: Food, Water and Agriculture: The urgent need for climate-resilient food systems and sustainable water management
November 21: Indigenous Peoples/Gender Equality/ Nature and Biodiversity/Oceans and Coastal Zones: The importance of indigenous knowledge and biodiversity conservation in combating climate change
Our Vision for COP29
In summary, at First Climate we expect this year’s negotiations to deliver:
Clearer frameworks and regulations for scaling global carbon markets
Concrete commitments and mechanisms for funding 'Loss and Damage,' especially for vulnerable countries
Greater incentives and support for economic decarbonization
One thing is certain: the decisions made in Baku will shape the future of global climate action. Real progress at COP29 is urgently needed.
First Climate in Baku
Wolfgang Brückner, Managing Director First Climate Projektentwicklung GmbH and Yves Keller, Head of Community-Based and Article 6 Projects at First Climate, will be on-site at COP29 to follow the events and decisions closely on behalf of First Climate.
Meet Wolfgang and Yves in Baku! Our experts would be delighted to connect in person. Feel free to schedule a meeting today!
About the author
Wolfgang Brückner is the Managing Director of First Climate Solutions GmbH and First Climate Projektentwicklung GmbH, where he leads a global team driving innovative carbon project development across the First Climate group. His work spans six continents, focusing on high-integrity, early-stage projects in areas like carbon sequestration, methane capture, sustainable agriculture, and nitrous oxide abatement.
With a rich background in international affairs and economics, Wolfgang brings deep expertise across every stage of project development. Prior to joining First Climate, he co-founded everi GmbH in 2020, underscoring his commitment to advancing sustainable solutions worldwide.
