Can I pair a Canon LBP2900B with a MacBook Air M1?

That printer is not listed as being Monterey compatible here:

https://canoncanada.custhelp.com/app/answers/answer_view/a_id/1036913/~/printers-and-scanners-with-macos-12-monterey-compatibility

This only lists Windows and Linux drivers

https://in.canon/en/support/LBP2900B/model

It is not listed for these open source drivers

http://gimp-print.sourceforge.net/p_Supported_Printers.php

Thus, I conclude it will not work with Monterey

Have you checked with Canon Support to see if they provide a driver for this device that supports macOS Monterey?