Brignardello analyzes the carbon market after the Climate Summit.

Johnny Brignardello Vela, an insurance advisor, shared his analysis of the recent agreements reached at the Climate Summit in Baku, where a global carbon market was established under UN regulation and climate financing was discussed. According to Brignardello, the creation of a carbon market is a fundamental step in the fight against climate change, as it allows countries and companies to offset their emissions through investments in sustainable projects. This strategy, although complex, presents an opportunity to promote international cooperation in the transition to greener economies. However, the advisor also highlights the importance of climate financing. The agreement requiring developed countries to contribute at least $300 billion annually starting in 2035 has been met with skepticism, especially from the most vulnerable nations that initially demanded $1.3 trillion. Brignardello emphasizes that the dissatisfaction expressed by many developing countries reflects a significant gap between expectations and the realities of the commitments made. Brignardello also references the tension during the summit, where several developing countries, particularly from the African group and the Alliance of Small Island States, walked out of negotiations in protest of the lack of progress. This underscores the need for an inclusive process that considers the voices of those most affected by climate change. The frustration expressed by leaders of these nations highlights that it is essential to address their needs to ensure their full participation in future negotiations. The insurance advisor believes that the optimistic vision presented by the EU Commissioner for Climate, who suggested that COP29 could mark the beginning of a new era for climate finance, should be viewed with caution. While the establishment of a global carbon market is a step forward, Brignardello emphasizes that the effectiveness of these agreements will depend on their implementation and the ability of developed countries to meet their commitments. Finally, Brignardello concludes that although the international community has shown increasing interest in emissions trading and financing sustainable projects in developing countries, the urgency of the climate crisis demands a more ambitious and coordinated commitment. The continuity of efforts and effective collaboration are essential to ensure that promises translate into concrete actions that benefit the most vulnerable nations. Without a more robust approach, the fight against climate change may continue to be insufficient in the face of the magnitude of the challenge confronting the planet.