New Delhi says the $300 billion spending goal for battling climate change is a “paltry sum” that in no way reflects the needs of the Global South
India has rejected the climate spending goal adopted at the UN Climate Change Conference (COP29) in the Azerbaijani capital of Baku on Sunday. Chandni Raina, an advisor at India’s Finance Ministry and COP29 negotiator for India, slammed the deal as an “optical illusion” that does not reflect the needs of the countries of the Global South.
After three years of talks, the COP29 member countries have agreed to provide $300 billion in annual spending on climate action, with an overall target to reach “at least $1.3 trillion” in climate financing by 2035.” The target, otherwise known as the new collective quantified goal (NCQG), will replace the existing $100 billion goal that is due to expire next year.
Under the deal, developed countries are obligated to “take the lead” in providing financing, while developing countries can contribute as well, albeit voluntarily. Developed countries welcomed the agreement as marking a breakthrough, but India and a host of developing countries saw it as woefully inadequate to address the global climate crisis.
“The proposed goal will not solve our issues. The amount suggested for mobilization is woefully insufficient; it’s a meager sum that won’t enable effective climate action,” Raina stated, emphasizing that the agreement does not adequately address the significant challenges facing developing countries.
“I regret to say that this document is nothing more than an optical illusion. We oppose its adoption,” she added. Raina also said it was “unacceptable” that the deal envisions developing countries contributing to financing climate action, calling it “a deflection of the responsibility.” The delegate also lambasted the summit organizers for not allowing India take a stand and voice its objections prior to announcing the adoption of the deal, which she said was deliberate.
A host of developing nations joined India in criticizing the COP29 deal. The Nigerian representative called the $300 billion goal “a joke,” while Bolivia slammed it as an “insult and a flagrant violation of justice and climate equity.” Ali Mohamed, speaking on behalf of more than 50 African nations, called the deal “too little, too late for a continent facing climate devastation while contributing least to emissions.” He noted that an estimated $5.1–6.8 trillion is needed for climate action by 2030. The Association of Small Island States (AOSIS), a group of 43 island nations quit the summit saying that the COP29 discussions “were not offering a progressive way forward.”
On Saturday, climate activists staged a protest at COP29, demanding that developed countries meet their climate spending commitments. Protesters chanted slogans and waved banners that read “Global North, pay up trillions not billions” and “Rich countries, pay your climate debt.”