India rejects $300 billion COP29 climate finance deal, calls it ‘optical illusion’

Raina told the closing plenary league of the acme that “I regret to accidental that this papers is thing much than an optical illusion. This, successful our opinion, volition not code the enormity of the situation we each face. Therefore, we reason the adoption of this document.”

Chandni Raina, portion of India’s negotiating team, speaks during a plenary league astatine the COP29 U.N. Climate Summit, Sunday, Nov. 24, 2024, successful Baku, Azerbaijan. (AP Photo/Joshua A. Bickel)

India received enactment from Nigeria which said that the clime concern bundle was a “joke”. Malawi and Bolivia besides lent their enactment to India respectively, reported PTI.

Earlier, the developed countries astatine the COP29 Summit successful Baku adopted a $300 cardinal planetary concern people to assistance poorer nations header with the impacts of clime change. However, the Global South had been demanding $1.3 trillion successful the talks from the past 3 years and $300 cardinal is simply a acold cry.

The statement which reached astatine the 29th Conference of Parties (COP29) to the United Nations Framework Convention connected Climate Change (UNFCCC) volition spot the developed countries helping the processing countries to tackle clime alteration via $300 cardinal per twelvemonth by 2035 and the caller magnitude volition regenerate the $100 cardinal fig pledged successful 2009.

According to PTI, Chandni Raina further stated “$300 cardinal does not code the needs and priorities of processing countries. It is incompatible with the rule of CBDR (Common but Differentiated Responsibilities) and equity, careless of the conflict with the interaction of clime change.”

The agreement, which was meant to supply a momentum for planetary efforts to curb contamination successful a twelvemonth which is poised to go 1 of the hottest successful history, has perturbed the processing nations.

(with inputs from PTI, Reuters)