Cop29 agrees to $300 billion climate finance deal; India says amount 'abysmally poor'
By Shweta Kumari | First Published Nov 24, 2024, 11:03 AM ISTNearly 200 nations worldwide endorsed a fraught climate finance deal early Sunday morning at Cop29 climate summit in Baku.
Nearly 200 nations worldwide endorsed a fraught climate finance deal early Sunday morning at Cop29 climate summit in Baku. While hailed by some as a "new era for climate finance," the $300 billion annual commitment from affluent nations left developing countries fuming, calling it a meager response to the escalating climate crisis.
The agreement, finalized after two weeks of tense negotiations in an Azerbaijan sports arena, mandates that wealthy nations contribute at least $300 billion annually by 2035 to aid developing countries in green energy transitions and disaster preparedness. An increase from the previous $100 billion commitment, the figure falls short of the $500 billion sought by a coalition of 134 developing countries.
Latest Videos
India emerged as a vocal critic of the deal, labeling it inadequate and unjust. "The amount that is proposed to be mobilized is abysmally poor. It's a paltry sum," said Indian delegate Chandni Raina. "This document is little more than an optical illusion. This, in our opinion, will not address the enormity of the challenge we all face. Therefore, we oppose the adoption of this document," she added.
Nigeria echoed India’s stance, with its representatives calling the package a "joke," while Malawi and Bolivia also joined the opposition.
Despite the backlash, key players from affluent nations painted the deal as a landmark achievement. EU climate representative Wopke Hoekstra claimed Cop29 heralded "the start of a new era for climate finance." Similarly, US President Joe Biden praised the agreement as a "significant step" in combating global warming, vowing to sustain America’s efforts despite his incoming successor Donald Trump's climate skepticism.
"While some may seek to deny or delay the clean energy revolution that's underway in America and around the world, nobody can reverse it—nobody," Biden declared.
Developing nations' discontent
Developing nations threatened to withdraw unless wealthy countries increased their contributions. Although they eventually allowed the deal’s passage, many felt it was a compromise at best.
"This Cop has been a disaster for the developing world," said Mohamed Adow, director of Power Shift Africa. "It's a betrayal of both people and planet by wealthy countries who claim to take climate change seriously."
UN climate chief Simon Stiell acknowledged the deal’s shortcomings, urging nations to see it as a foundation for future progress. "No country got everything they wanted, and we leave Baku with a mountain of work still to do. So this is no time for victory laps," he remarked.
UN Secretary-General Antonio Guterres also expressed disappointment. "I had hoped for a more ambitious outcome—on both finance and mitigation—to meet the great challenge we face," he said, while urging governments to "build on this agreement."
The deal proposes a broader $1.3 trillion annual target to address climate impacts, relying heavily on private sector contributions. However, tensions over the role of emerging economies like China, the world’s leading emitter, remain a sticking point.
subscribe to Asianet Newsable WhatsApp channel by clicking here. For more reliable and latest news
subscribe to Asianet Newsable Telegram channel by clicking here.