New Delhi: The COP29 climate summit in Baku, Azerbaijan, concluded in the early hours of Sunday with a hard-fought agreement on climate finance. Developed nations pledged a yearly contribution of 300 billion dollars by 2035, a figure far short of the developing world’s demands, leading to a sharp rebuke from India and several other nations.
The deal, reached after marathon negotiations and considerable disagreement, falls drastically short of the 1.3 trillion dollars annually that experts deem necessary to address the climate crisis effectively in developing nations.
India, in a strongly worded statement, unequivocally rejected the outcome, deeming the proposed sum “abysmally poor” and “paltry.” Chandni Raina, India’s negotiator and Department of Economic Affairs Advisor, expressed deep dissatisfaction with the process, describing it as “stage-managed” and criticising the lack of opportunity for Indian delegates to voice their concerns before the deal’s adoption.
Raina asserted that the agreement is merely “an optical illusion” failing to adequately address the scale of the climate challenge.
India’s rejection was echoed by Nigeria, Malawi, and Bolivia, with Nigeria going as far as branding the deal a “joke,” according to Forbes. Ralph Regenvanu, an envoy for the small island nation of Vanuatu, also voiced disappointment, highlighting that the pledged amounts and promised emission reductions are insufficient and unlikely to be met, based on past experiences.
The summit, originally scheduled to conclude on Friday, ran into overtime as deep divisions between developed and developing nations emerged. The final agreement, while representing an increase from the current 100 billion dollars annual contribution, failed to meet the expectations of the developing world, which had hoped for significantly more substantial funding.
The agreement does, however, include a call to utilize “all public and private sources” to reach the $1.3 trillion goal by 2035. This strategy involves leveraging international mega-banks and encouraging private sector investment in climate action. The deal is also intended to encourage more ambitious emissions reduction targets from recipient countries, aligning with the 2015 Paris Agreement’s framework for periodic emission reduction goals.
