India has strongly opposed the adoption of a $300 billion annual climate finance package for the Global South by 2035 at the UN climate conference COP29 in Baku, Azerbaijan.
India argued the package is inadequate compared to the $1.3 trillion annually that the Global South has demanded to combat climate change impacts and transition to low-carbon economies.
Developed countries, historically the largest emitters of greenhouse gases, are expected to finance, provide technology, and support capacity-building for developing nations.
Chandni Raina, Adviser, Department of Economic Affairs, criticized the process as “unfair” and “stage-managed,” accusing the COP29 presidency and the UNFCCC Secretariat of ignoring India’s request to voice objections before the decision.
Raina highlighted that the $300 billion figure, replacing the unfulfilled $100 billion pledge from 2009, is insufficient to address the needs of the Global South. She criticized its incompatibility with the principle of Common but Differentiated Responsibilities (CBDR) and equity. Supporting India, countries like Nigeria, Malawi, and Bolivia also rejected the package, with Nigeria calling it a “joke.”
The deal document calls for raising $300 billion annually by 2035 from various sources, including public, private, bilateral, and multilateral channels, while urging collective action to reach $1.3 trillion by the same year. However, it does not place sole responsibility on developed countries, which India and its allies see as a failure to uphold historical accountability.
Raina underscored the disproportionate impact of climate change on developing nations, their challenges in transitioning to low-carbon pathways, and the compounding burden of unilateral measures like the Carbon Border Adjustment Mechanism.
Source: PTI