Cop29 agrees to $300 billion climate finance deal, India says amount ‘abysmally poor’

Nations worldwide endorsed a contentious climate agreement on Sunday, at the Cop29 conference in Baku, though developing countries criticised the $300 billion annual commitment from affluent historic emitters as inadequate.
Following fortnight-long negotiations, nearly 200 countries finalised the disputed finance agreement during early hours at an Azerbaijan sports venue.
India was among those who voiced strong opposition to the agreed sum. “The amount that is proposed to be mobilised is abysmally poor. It’s a paltry sum,” said Indian delegate Chandni Raina.
“This document is little more than an optical illusion. This, in our opinion, will not address the enormity of the challenge we all face. Therefore, we oppose the adoption of this document,” she said.
Raina added, “USD 300 billion does not address the needs and priorities of developing countries. It is incompatible with the principle of CBDR (Common but Differentiated Responsibilities) and equity, regardless of the battle with the impact of climate change.”
Supporting India, Nigeria said the USD 300 billion climate finance package was a “joke”. Malawi and Bolivia also lent support to India.

Chandni Raina, part of India’s negotiating team, leaves a closing plenary session at the COP29 UN Climate Summit, Sunday, Nov 24, 2024, in Baku, Azerbaijan. (AP)

However, EU climate representative Wopke Hoekstra declared Cop29 would mark “the start of a new era for climate finance”.
US President Joe Biden also praised the Cop29 deal as a “significant step” to fighting global warming, and pledged continued action by America despite his incoming successor Donald Trump’s climate skepticism.
“While some may seek to deny or delay the clean energy revolution that’s underway in America and around the world nobody can reverse it — nobody,” Biden said.
Negotiations nearly collapsed in Baku when developing nations left meetings, threatening withdrawal unless wealthy countries increased funding. But despite earlier assertions about preferring no deal to a poor one, they ultimately allowed the agreement’s passage, though it fell short of their expectations.
The agreement requires developed nations to provide minimum $300 billion annually by 2035 for developing nations’ green initiatives and disaster preparedness.
This increase from the previous $100 billion commitment received harsh criticism from developing nations who sought substantially more.
“This Cop has been a disaster for the developing world,” remarked Mohamed Adow, who heads Power Shift Africa, a think tank.
“It’s a betrayal of both people and planet, by wealthy countries who claim to take climate change seriously.”
A coalition of 134 developing nations had sought minimum $500 billion from wealthy governments for climate resilience and emissions reduction.
UN climate chief Simon Stiell also acknowledged the agreement’s limitations. “No country got everything they wanted, and we leave Baku with a mountain of work still to do. So this is no time for victory laps,” he said.
UN secretary-general Antonio Guterres, too, voiced his disappointment regarding the climate finance deal reached in Azerbaijan, whilst acknowledging its potential as a starting point for future progress.
“I had hoped for a more ambitious outcome — on both finance and mitigation — to meet the great challenge we face,” Guterres said in a statement, adding that he is appealing “to governments to see this agreement as a foundation — and build on it.”
The US and EU, on the other hand, advocated for contributions from emerging economies like China, the leading emissions producer.
Donald Trump’s potential return to presidency and right-wing resistance to environmental initiatives in Western nations influenced negotiations.
The agreement proposes a broader $1.3 trillion annual target for addressing climate impacts, largely dependent on private funding.