COP29: India rejects new USD 300 billion climate finance deal

PTI, Nov 24, 2024, 8:18 AM IST

Baku (Azerbaijan): India on Sunday rejected a new climate finance package of USD 300 billion for the Global South at the UN climate conference COP29 here, saying it was too little and too late.

Nations agreed on the USD 300 billion climate finance deal for Global South at the UN climate talks taking place here in Azerbaijan.

Making a statement on behalf of India, Chandni Raina, Adviser, Department of Economic Affairs, said they were not allowed to speak before the adoption of the deal.

“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,” she said.

“We are very unhappy, disappointed with the process, and object to the adoption of this agenda,” the Indian negotiator said.

Supporting India, Nigeria said the USD 300 billion climate finance package was a “joke”. Malawi and Bolivia also lent support to India.