Climate talks end with mere $300 bn pledge

The United Nations Climate Change Conference (COP29) in Baku concluded on Sunday amid high drama with the adoption of a controversial agreement to triple climate finance for developing countries to $300 billion annually by 2035 as against the $1.3 trillion sought by developing countries per year until 2030. The process and the amount agreed upon faced strong opposition from India and other developing nations.India, a prominent voice among developing countries, rejected the proposal outright, calling the agreed-upon financial goal inadequate and unfairly distributed. Chandni Raina, adviser to the Department of Economic Affairs and part of India’s negotiating team, described the sum as “abysmally poor” and “a paltry amount”.India condemns lack of inclusivity in decision making at COP29 in BakuIndia also condemned the process of adoption, calling it “stage-managed” and highlighting the lack of inclusivity in decision-making. Raina said India had informed the COP20 Presidency and the Secretariat of its intention to make a statement before the decision was finalised but was not given the opportunity to do so. She said that trust and collaboration were essential to tackle the global climate crisis and accused the developed nations of undermining both through their approach. According to India, the reliance on private and multilateral sources for the proposed finance goal deflects responsibility from developed countries, which are historically more accountable for greenhouse gas emissions.



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