The Conference of the Parties (COP) 29 summit brought global leaders to Baku, Azerbaijan, for an 11-day session to address climate change, carbon market mechanisms and climate finance.

Hosted in a country heavily reliant on fossil fuels, the event is a mix of urgency and controversy, particularly after BBC reported local representatives engaging in oil and gas deals.

Still, the primary focus of its first days is establishing the rules for a global carbon market — a move aimed at helping countries meet emissions targets by trading carbon credits.

This mechanism, intended to fund projects that reduce emissions globally, allows wealthy countries...