India dubs rushed climate funding deal at COP29 as ‘optical illusion’

India has dubbed the rushed adoption of the COP29 climate funding deal, under which developed nations agreed to funnel about $300 billion annually by 2035 for developing countries to ramp up climate action, as an “optical illusion”

The amount is $1 trillion less than what emerging economies had been bargaining for at the COP29 UN Climate Change Conference in Baku, Azerbaijan, from 11 November.

Objecting to the hurried adoption of the climate finance deal, Indian negotiator and India’s finance ministry advisor Chandani Raina protested against being denied an opportunity to speak before the Azerbaijan presidency graveled the adoption of the deal early Sunday.

Developed countries had offered to raise $100 billion a year from 2020, a target they claim was achieved in 2022.

In 2015, the Paris Agreement had called for the New Cumulative Quantitative Goal, or NCQF, to be decided upon before 2025.

However, there was no mention of which year the new amount had to be mobilized.

Based on assessments of the requirements of developing countries, they were asking for NCQG to be set at $1.3 trillion every year.

NCQG also initiates the ‘Baku to Belem Roadmap,’ which aims to increase climate finance to $1.3 trillion for developing countries. Climate finance mobilizes and allocates funds to support low-carbon and climate-resilient development in developing countries.

While presenting the Indian stance on the climate finance deal, Raina said, “I regret to say that this NCQG (goal) document is nothing more than an optical illusion.”

This will not address India’s and other developing countries’ enormous challenges, she said, adding: “We oppose the adoption of this document.”

Expressing disappointment, Raina said, “The outcome brings out the unwillingness of the developed countries to fulfill their responsibilities.”

“As we struggle to deal with climate change, the outcome proposed in the paper will further affect our ability to adapt to climate change. It will greatly impact our NCQG ambitions, and its implementation creates further challenges to our resilience,” she said.

The climate finance deal will severely impact India’s growth, and therefore, the country still needs to accept the goal proposal in the present form of developed countries, she said.

“We are extremely disappointed, she pointed out.

“Trust is the basis for all action, and this incident indicates a lack of trust. This is also a lack of collaboration on an issue faced as a global challenge by all of us, most of the developing countries are not responsible for it. But, we have seen what you have done. Graveling and trying to ignore parties from speaking does not behave the UNFCC’s system and we would want you to also hear our objections to this adoption,” Raina said.

She added that India objects to this unfair means of adoption.

“We are faced with one of the biggest challenges that will determine our existence. The only thing that enables us to move beyond and take action to address this challenge is collaboration and Trust among us. It is a fact that both have not worked today. We are extremely hurt by this action of the presidency and the UNFCCC Secretariat,” she added.

COP29 president Mukhtar Babayev said Raina’s statement was recorded in the proceedings.

Supporting India’s stand on the climate finance bill, a Nigerian negotiator said, “I could not go back to my country with only $300 billion. This is an insult to what the convention says.

“The Like-Minded Developing Countries, a developing country cohort, also supported India’s rejection.

On the other hand, EU climate envoy Wopke Hoekstra said, “COP29 will be remembered as the start of a new era on climate finance. The EU will continue to lead. This COP delivered an ambitious and realistic goal and an increased contributor base. With these funds and this structure, we are confident that we will reach $1.3 trillion.”

“The Global North has abandoned the South with this meager offer of $300 billion at COP29; it has no right to demand mitigation ambition from our part of the world with so little finance on the table; the ambiguities of the goal make it clear that there will little accountability and traceability of funds. This was the last remaining window for the North to step up, pay its fair share, and restore some semblance of Trust in the multilateral process. They have failed.” Avatika Goswami, Programme Manager, Climate Change, Centre for Science and Environment, said in her post on X, formerly Twitter.

The @COP29_AZ outcome in Baku is the great escape of the Global North from their obligations towards climate action and support. Our reaction: pic.twitter.com/NRTYQsf8xv

— CSE Climate Change (@CSE_Climate) November 24, 2024

Bodhi Patil, UN Ocean-climate solutionist and founder of InnerLight, said in a Linkedin post, “We need trillions of dollars to protect nature and people and prevent the worst effects of climate change on humanity. #COP29 is again failing us young people by under-delivering the critical ocean-climate finance we need to survive. As earth’s vital organs and #ecosystems burn, greedy fuel companies benefit at the expense and health of billion lives.”