India turns down $300 Billion climate finance package, labels it inadequate and far-fetched

New Delhi (The Uttam Hindu): India strongly rejected the $300 billion climate finance package for the Global South at the closing plenary of the COP29 conference on Sunday, criticizing the process and the package itself as inadequate. Chandni Raina, Adviser to the Department of Economic Affairs, condemned the adoption of the deal as "unfair" and "stage-managed," accusing the COP29 presidency and the UN climate change office of rushing through the agreement without allowing India to voice its objections.

The new climate finance package, set to deliver $300 billion annually by 2035, replaces the previous $100 billion pledge made in 2009. However, India and many other countries in the Global South had been pushing for $1.3 trillion to meet the urgent needs of developing nations affected by climate change. India’s request to speak before the adoption of the package was ignored, with Raina calling the process a betrayal of trust within the UN system.

Raina emphasized that trust and collaboration were key to tackling climate change, but the process had failed to deliver meaningful outcomes. India argued that the $300 billion is insufficient and too far in the future, failing to meet the needs of developing countries. Developed nations, responsible for the majority of global emissions, are expected to provide financial and technical support for climate adaptation in low-income countries.

Other countries like Nigeria, Malawi, and Bolivia echoed India’s sentiments, criticizing the deal and calling it inadequate. Raina stated that the new finance package would hinder the ability of developing countries to adapt to climate change and affect their climate goals and growth prospects.

The deal, finalized after intense negotiations, aims to mobilize $300 billion per year by 2035 from a range of sources—public, private, bilateral, and multilateral. However, the document also mentions a long-term goal of $1.3 trillion, which will depend on global collaboration. Despite efforts like these, global emissions and temperatures continue to rise, and this year is projected to be the hottest on record.