Why does this matter? The modest progress at COP29 reflects both the necessity and limitations of global climate diplomacy. The new finance target seeks to address the $2.3–2.5 trillion annual funding gap that developing nations face by 2030 to mitigate and adapt to climate change.

Without accelerated action, the world risks surpassing the 1.5C warming threshold, triggering potentially catastrophic tipping points and worsening the vulnerabilities of already marginalised communities in low-income nations. The function of the ocean as a global environmental regulator and carbon sink makes its inclusion in adaptation and mitigation policies essential.

At COP29, discussions on oceans emphasized their critical role in climate regulation but highlighted persistent underfunding and neglect in global frameworks. Oceans, the largest carbon sink, absorb over 90% of excess heat and 30% of CO2 emissions, mitigating climate change impacts but that absorption causes acidification, deoxygenation and biodiversity loss.

Key outcomes from COP included the Baku Ocean Declaration, calling for long-term investments in ocean observation and mapping. Additionally, the UK’s OCEAN Grants funded 20 projects to protect marine ecosystems and reduce coastal poverty.

Despite these efforts, advocates pushed for stronger integration of ocean-based solutions in Nationally Determined Contributions (NDCs) to scale blue carbon ecosystems and renewable ocean energy. Recognising oceans’ role is vital to align climate and biodiversity goals, ensuring sustainable futures for vulnerable coastal communities. Next on the global agenda is the Third UN Ocean Conference in June 2025, hosted in Nice, France.

In addition to highlighting the oceans’ role in climate regulation, COP29 brought attention to innovative strategies for leveraging marine ecosystems in climate solutions. Discussions emphasised scaling up marine renewable energy, such as offshore wind, and adopting advanced aquaculture practices to address food security and reduce emissions.

Blue foods, with their low carbon footprint, emerged as a critical focus for sustainable development, particularly in vulnerable coastal communities. The summit also showcased collaborative efforts, such as the UK’s OCEAN Grants, aimed at empowering local stakeholders to implement grassroots solutions. These initiatives pave the way for a more integrated approach to ocean-climate resilience.

Key outcomes of COP29 included the formalisation of carbon credit trading rules under Article 6. This system aims to enhance transparency and provide a framework for international mitigation outcomes, although critics highlight its lack of stringent accountability measures.

The introduction of a 5% levy on carbon trades to fund adaptation projects and the inclusion of safeguards for indigenous communities marked incremental progress. The $300 billion annual finance target by 2035, while below the $390 billion recommended by experts, represents a step towards mobilising public and private funding. This goal seeks to leverage initial public investments to unlock larger private sector contributions, signalling a “new era for climate finance”.

Despite these advancements, COP29 revealed significant challenges. Disputes over the allocation of climate finance, particularly the expectation that emerging economies such as China contribute alongside developed nations, highlighted deep divisions.

The complexity of carbon market mechanisms and the exclusion of long-term carbon sequestration measures drew criticism from climate advocates. Additionally, the reluctance to commit to a fossil fuel phase-out played into the interests of oil-producing nations that were prominent at the conference (not least, the host country itself), severely undermining the summit’s impact on mitigation efforts.

As the climate crisis accelerates, COP29 reiterates the urgency of bridging the gap between policy and action. The upcoming COP30 in Brazil, expected to emphasise nature-based solutions, offers a crucial opportunity to strengthen global commitments. Over the next five years, during which the $300bn finance goal will be reviewed, nations’ ability to align economic plans with climate imperatives will be tested.

This aligns with Ocean 14 Capital’s strategy to advance the sustainable blue economy and close the funding gap in nature-based solutions. The Ocean 14 Capital Fund invested in Goodcarbon to support this platform redefining carbon credits with transparency and innovation.

Goodcarbon combines investment-ready project development, financial tools, and long-term portfolio management to scale high-quality nature regeneration, sequester carbon, restore biodiversity, and empower local communities through equitable income distribution—a significant step toward sustainable climate action.