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 Baku
India 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.
Raina further noted that counting finance mobilised through Multilateral Development Banks is not a step forward from the previous $100 billion goal but a diversion of responsibility onto developing countries.
The criticism reflects broader frustrations among developing nations, many of which feel that their voices are being sidelined in climate negotiations.
Nigeria and Bolivia echoed India’s sentiments, saying the proposed goal fails to meet the principles of equity but differentiated responsibilities outlined in the Paris Agreement.
A senior official from the Ministry of Finance told this paper that the deal was no good and if the inflation rate is taken into account, you will realise that the narrative of tripling of climate finance is a farce.
Vaibhav Chaturvedi of the Council on Energy, Environment, and Water remarked that the decision puts the 1.5°C temperature target out of reach, as mitigation efforts cannot succeed without adequate financial, technological support.
The financial agreement was a critical agenda item at COP29. However, the delayed implementation of the $300 billion goal—set to begin only in 2035—has raised concerns about its effectiveness. Many nations argue that they cannot wait more than a decade for the resources they need now to address escalating climate challenges.