India rejects the $300 billion COP29 climate deal as too little, too late for developing nations

India has rejected the climate finance agreement worth $300 billion at the United Nations COP29 summit hosted in Baku, Azerbaijan, that termed the deal as "too little, too late." Such a fund was conceptualized to cater to the needs of funding for the Global South but falls woefully short in actually meeting the climate finance needs that are critically needed by countries feeling the worst impacts of climate change.

At the heart of the Indian objection was that the $300 billion commitment does not align with the principle of Common but Differentiated Responsibilities (CBDR). Speaking on behalf of India, Chandni Raina expressed deep dissatisfaction with the agreement, saying it did not address real financial requirements for developing nations. "We are disappointed by the outcome because it clearly shows the reluctance of developed countries to live up to their climate responsibilities," said Raina. India's team went ahead to tore into the lack of opportunity to express concerns ahead of the adoption of the deal, terming it an "optical illusion" that would not curb the climate crisis.

Nigeria, Malawi, and Bolivia joined hands with India, calling the deal a "joke" by Nigeria and stating that the deal still fell short in terms of compensation for long-term climate change impacts, especially in the Global South.

The agreement will increase climate finance to $300 billion a year by 2035, up from a previous target that had only just recently reached the $100 billion per annum level. However, the current framework of the deal faces resistance because it fails to address the issue of historical responsibility by industrialized nations responsible for global warming by burning fossil fuels. The underlying tension between the climate finance requirements of developing countries and the financial constraints of their wealthier counterparts was present throughout negotiations that went past their scheduled end.

While the UN climate chief Simon Stiell celebrated the deal as a "critical insurance policy for humanity," India, along with other nations, made it amply clear that in the absence of a substantial increase in funds and commitment, the climate finance deal would fail to deliver meaningful action.

As the next climate summit heads to Brazil in 2024, the Global South continues to insist on stronger support and more equity in the fight against climate change.

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