India Declines $300 Billion COP29 Climate Finance Deal, Labels It an ‘Optical Illusion’
India on Sunday rejected the climate finance agreement adopted at the United Nations COP29 Summit in Baku, Azerbaijan, raising objections after the deal had been finalized.
Indian delegation representative Chandni Raina expressed disappointment with the outcome, stating, “We are disappointed in the outcome, which clearly highlights the unwillingness of developed country parties to fulfill their responsibilities.”
During the closing plenary session, Raina said, “I regret to say that this document is nothing more than an optical illusion. In our view, it fails to address the enormity of the challenge we all face. Therefore, we oppose the adoption of this document.”
India’s stance was supported by Nigeria, which described the climate finance package as a “joke,” along with Malawi and Bolivia, who also voiced their agreement.
Earlier, developed nations at COP29 had agreed on a $300 billion global finance target to assist poorer countries in addressing climate change impacts. However, the Global South had been advocating for $1.3 trillion during negotiations over the past three years, making the $300 billion target fall significantly short of their demands.
The consensus reached at the 29th Conference of Parties (COP29) under the United Nations Framework Convention on Climate Change (UNFCCC) commits developed countries to provide $300 billion annually by 2035, replacing the $100 billion pledge made in 2009.
Chandni Raina further remarked, “The $300 billion does not address the needs and priorities of developing countries. It is incompatible with the principle of CBDR (Common but Differentiated Responsibilities) and equity, despite the pressing need to address the impact of climate change.”
The agreement, intended to boost global efforts to combat pollution in a year projected to be among the hottest in history, has left many developing nations dissatisfied.
