WORLD
COP29 ends with $300-bn climate package, India rejects it as “stage-managed”
- IBJ Bureau
- Nov 25, 2024
India on Sunday fiercely rejected the paltry $300-billion climate finance package for the Global South and said that the COP29 presidency and the UN climate change office forced through the deal before allowing it to voice its objections.
Making a strong statement on behalf of India at the closing plenary of the UN climate conference here, Chandni Raina, the adviser of the Department of Economic Affairs, termed the adoption process “unfair” and “stage-managed” and said that it reflected the troubling lack of trust in the UN system.
The UN climate conference adopted a new climate finance package of a meagre $300 billion annually by 2035, replacing the $100 billion pledge made in 2009.
The $300-billion figure is a far cry from the $1.3 trillion that the Global South has been demanding over the past three years of talks to tackle climate change.
India said that its request to speak before the adoption of the climate finance package was ignored.
“We had informed the presidency and the secretariat that we wanted to make a statement before any decision on the adoption. However, and this is for everyone to see, this has been stage-managed, and we are extremely disappointed with this incident,” Ms Raina said.
Developed countries, which have historically been responsible for most of the greenhouse gas emissions driving climate change, are required to provide finance, technology and capacity-building support to developing and low-income economies to help them cope with a warming world.
In 2009, the developed countries had pledged to provide $100 billion per year by 2020. However, this pledge was only met in 2020, with around 70 per cent of the funds coming in the form of loans.
$300 billion did not meet the needs and priorities of developing countries. It was incompatible with the principle of CBDR (Common But Differentiated Responsibilities) and equity, regardless of the battle with the impact of climate change, Ms Raina added.
Supporting India, Nigeria said that the $300-billion climate finance package was a “joke”. Malawi and Bolivia also lent support to India.
Report By
View Reporter News