Baku: According to a new historic agreement passed at UN climate conference COP29 in Baku, Azerbaijan, the developed nations has pledged to provide USD 300 billion(nearly Rs 25,32,780 crore) per year by 2035 to help developing countries combat the escalating effects of the climate crisis. However, the agreement has received sharp criticism from many vulnerable nation.
The agreement has drawn widespread condemnation from climate activists and developing nations, CNN reported.
India has rejected the new agreement for the climate change stating it is too little to tackle the huge issue.
The new agreement commits developed countries, including the US and European nations, to provide USD 300 billion annually by 2035. While there is an aspiration to eventually scale up to USD 1.3 trillion, developing nations argued for a greater share of the funding to come from grants rather than loans, fearing debt entrapment.
Chandni Raina, Adviser, Department of Economic Affairs, India, stated that the $300 billion figure is far too little from the $1.3 trillion, around Rs 1,09,75,380 crore the Global South has always demanded for the past three years.
Raina said that they were not allowed to speak before the adoption of the deal, undermining their trust in the process.
“In continuation of several such incidents of not following inclusivity, not respecting country positions… We had informed the presidency; we had informed the secretariat that we wanted to make a statement prior to any decision. However, this is for everyone to see, this has been stage-managed. We are extremely disappointed,” she said.
“The goal is too little, too distant,” Raina said, explaining the goal set for 2035 is too far away.
“Estimates tell us that we need at least Rs 1,09,75,380 crore ($1.3 trillion) per year by 2030,” she said.
Raina added that the figure granted at COP29 is not enough to meet the needs and priorities of developing countries. It is also incompatible with the principle of CBDR (Common but Differentiated Responsibilities) and equity. Raina also added that “We are very unhappy and disappointed with the process, and we object to the adoption of this agenda.”
The Indian negotiator’s received loud cheers in the plenary room full of diplomats, civil society members and journalists.
Nigeria, Malawi and Bolivia has also supported India on the issue.
Raina said the outcome clearly reflects the unwillingness of developed countries to fulfil their responsibilities.
“India does not accept the goal proposal in its present form,” she said.
