India has declined to endorse the newly established $300 billion climate finance agreement for the Global South, which was ratified at the United Nations COP29 Summit held in Baku, Azerbaijan. The objection from India came after the financial package’s approval, with officials stating that the amount was insufficient and untimely.
Chandni Raina, representing the Indian delegation, voiced her dissatisfaction with the decision, remarking, “We are disappointed in the outcome which clearly highlights the reluctance of developed nations to meet their obligations.” Raina, an adviser in the Department of Economic Affairs, noted during the summit’s closing plenary that the delegation was not afforded the opportunity to express their views prior to the deal’s adoption.
“I regret to state that this document is merely an optical illusion. In our view, it fails to tackle the magnitude of the challenges we collectively face. Consequently, we oppose the endorsement of this document,” she asserted.
“The $300 billion allocation does not meet the needs and priorities of developing nations. It contradicts the principle of Common but Differentiated Responsibilities (CBDR) and equity, irrespective of the ongoing struggle against climate change,” Raina further stated.
The Indian negotiator expressed, “We are extremely dissatisfied and disappointed with the process, and we object to the adoption of this agenda.”
In solidarity with India, Nigeria criticized the $300 billion climate finance package as a “joke.” Additionally, Malawi and Bolivia expressed their support for India’s stance.
About The Agreement
The accord aims to allocate $300 billion annually by the year 2035, significantly enhancing the prior commitment of affluent nations to provide $100 billion each year in climate financing by 2020. This earlier target was achieved two years later than planned, in 2022, and is set to conclude in 2025. Furthermore, the agreement establishes a foundation for the upcoming climate summit scheduled for next year in the Amazon rainforest of Brazil, where nations are expected to outline their climate action strategies for the next decade.
The summit addressed the core issue of financial accountability among industrialized nations, whose historical reliance on fossil fuels has contributed significantly to greenhouse gas emissions, necessitating compensation for those adversely affected by climate change. It also highlighted the disparities between wealthy governments facing stringent domestic financial constraints and developing countries grappling with the repercussions of extreme weather events such as storms, floods, and droughts.
Negotiations, originally slated to conclude on Friday, extended beyond the deadline as representatives from nearly 200 nations endeavored to achieve a consensus. Discussions were temporarily halted on Saturday when some developing nations and island states expressed their frustration and withdrew from the talks. United Nations climate chief Simon Stiell recognized the challenges encountered during the negotiations but praised the agreement as a vital safeguard for humanity against the threats posed by global warming.
“It has been a challenging path, but we have successfully reached an agreement… This accord will sustain the momentum of the clean energy transition and safeguard billions of lives,” Stiell remarked.
“However, akin to any insurance policy, its effectiveness hinges on the timely and complete payment of premiums.”
