India has rejected the new USD 300 billion climate finance deal for the Global South, which has been agreed upon and adopted at the United Nations COP29 Summit in Azerbaijan’s capital Baku. India raised the objection after the financial package had been adopted, saying that it was too little and too late.
Chandni Raina, the representative of the Indian delegation, expressed her disappointment over the outcome and said, “We are disappointed in the outcome which clearly brings out the unwillingness of the developed country parties to fulfil their responsibilities.”
Department of Economic Affairs adviser, Raise, while addressing the closing plenary session of the summit, said that the delegation was not allowed to speak before the adoption of the deal.
“I regret to say that this document is nothing more than an optical illusion. This, in our opinion, will not address the enormity of the challenge we all face. Therefore, we oppose the adoption of this document,” she said.
“USD 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, regardless of the battle with the impact of climate change,” Raina added.
The Indian negotiator added, “We are very unhappy, disappointed with the process, and object to the adoption of this agenda.”
Supporting India, Nigeria said the USD 300 billion climate finance package was a “joke”. Malawi and Bolivia also lent support to India.
About The Deal
The agreement would provide USD 300 billion annually by 2035, boosting rich countries’ previous commitment to provide USD 100 billion per year in climate finance by 2020. That earlier goal was met two years late, in 2022, and expires in 2025. The deal also lays the groundwork for next year’s climate summit, to be held in the Amazon rainforest of Brazil, where countries are meant to map out the next decade of climate action.
The summit cut to the heart of the debate over the financial responsibility of industrialized countries – whose historic use of fossil fuels has caused the bulk of greenhouse gas emissions – to compensate others for worsening damage from climate change.
It also laid bare divisions between wealthy governments constrained by tight domestic budgets and developing nations reeling from the costs of storms, floods and droughts.
Negotiations had been due to finish on Friday but ran into overtime as representatives from nearly 200 countries struggled to reach consensus. Talks were interrupted on Saturday as some developing countries and island nations walked away in frustration.
United Nations climate chief Simon Stiell acknowledged the difficult negotiations that led to the agreement but hailed the outcome as an insurance policy for humanity against global warming.
“It has been a difficult journey, but we’ve delivered a deal…This deal will keep the clean energy boom growing and protect billions of lives,” Stiell said.
“But like any insurance policy – it only works – if the premiums are paid in full, and on time.”