India has rejected the new US$300 billion climate finance deal for the Global South, agreed and adopted at the UN COP29 summit in Azerbaijan’s capital Baku. After the financial package was adopted, India objected, saying it was too little, too late.
Chandni Raina, representative of the Indian delegation, expressed disappointment at the outcome and said, “We are disappointed by the outcome which clearly exposes the unwillingness of developed country parties to live up to their responsibilities.”
Addressing the summit’s concluding plenary session, Raize, an adviser to the Department of Economic Affairs, said the delegation was not allowed to speak before the agreement was adopted.
He said, “I regret to say that this document is nothing more than an optical illusion. It will not, in our opinion, address the enormity of the challenge facing us all. Therefore, we are withdrawing this document. oppose adoption.”
“US$300 billion does not address the needs and priorities of developing countries. Despite fighting the effects of climate change, it is inconsistent with the CBDR (common but differentiated responsibilities) and the principle of equity,” Raina said.
The Indian negotiator said, “We are very unhappy, disappointed with this process and object to the adoption of this agenda.”
Supporting India, Nigeria said the US$300 billion climate finance package was a “joke”. Malawi and Bolivia also supported India.
about the deal
The agreement will provide US$300 billion annually until 2035, building on rich countries’ previous commitment to provide US$100 billion per year in climate finance by 2020. The earlier target was two years late, being accomplished in 2022 and expiring in 2025. The agreement also lays the groundwork for next year’s climate summit, to be held in Brazil’s Amazon rainforest, where countries are to outline the next decade of climate action.
The summit cut to the heart of the debate over the financial responsibility of industrialized countries – whose historical use of fossil fuels has led to increased greenhouse gas emissions – for others to compensate for damages caused by climate change.
It also kept a clear divide between wealthy governments constrained by tight domestic budgets and developing countries grappling with the costs of storms, floods and droughts.
The talks were due to end on Friday, but took additional time as representatives from nearly 200 countries struggled to reach consensus. Talks broke down on Saturday as some developing countries and island nations walked out in frustration.
UN climate chief Simon Still acknowledged the difficult negotiations that led to the agreement, but praised its outcome as an insurance policy for humanity against global warming.
“It’s been a difficult journey, but we’ve made a deal… This deal will accelerate the clean energy boom and save billions of lives,” Still said.
“But like any insurance policy – it only works – if the premium is paid in full and on time.”
