Baku: At the UN climate conference COP29, India has firmly rejected a proposed climate finance package of USD 300 billion annually by 2035 for the Global South.
The Indian delegation, led by Chandni Raina, Adviser to the Department of Economic Affairs, criticized the package as insufficient and delayed, emphasizing that it falls significantly short of the USD 1.3 trillion needed annually by 2030 to effectively combat climate change.
Raina expressed deep disappointment with the decision-making process, highlighting that India’s request to speak before the adoption of the deal was ignored, undermining trust in the process.
“The goal is too little, too distant,” she stated, pointing out that the proposed timeline of 2035 is far too late to address the urgent needs of developing nations.
India’s stance received support from other developing countries, including Nigeria, Malawi, and Bolivia, who echoed similar concerns about the inadequacy of the proposed funding4. The rejection underscores the ongoing tension between developed and developing nations over climate finance responsibilities and the principle of Common but Differentiated Responsibilities (CBDR).
The Indian delegation’s strong opposition reflects the broader frustration among Global South nations, who are disproportionately affected by climate change and are advocating for more substantial and immediate financial support to transition to low-carbon economies and adapt to climate impacts.
India’s rejection of the package sends a clear message that more ambitious and timely financial commitments are essential to meet the climate goals and support sustainable development in the Global South.
