India rejects Baku Finance Goal at COP29, calls it inequitable

The COP29 summit in Baku, Azerbaijan, concluded with the adoption of the Baku Finance Goal (BFG), which commits developed nations to mobilize $300 billion annually by 2035 and aims for $1.3 trillion in long-term climate finance for developing countries. 

The agreement also finalized Article 6 negotiations, enabling high-integrity carbon markets expected to generate $1 trillion annually by 2050.

India rejected the deal, deeming it inadequate and inequitable, citing its failure to meet the $1.3 trillion annual climate finance goal by 2030, a demand by developing nations. India criticized the timeline, insufficient funding, and lack of binding commitments from developed nations to address historical emissions. 

The financial provisions for adaptation and mitigation, particularly for least-developed countries and small island states, were also seen as insufficient. 

India emphasized the need for equitable and timely climate finance to address urgent climate challenges.