Reasons Behind India Rejecting COP29 Climate Finance Deal
India, that is Bharat, rejected the COP29 Climate Finance Deal this Sunday. While the deal managed to make its way to the end, words spoken by Chandni Raina gained traction across the world. Raina is an Advisor in the Department of Economic Affairs who took the stage at the 2024 United Nations Climate Change Conference. Also known as the Conference of Parties of the UNFCCC, it housed over a hundred countries in Azerbaijan’s Baku from November 11, 2024, to November 22, 2024.
COP29 Climate Finance Deal laid out the budget developed countries would set aside to help developing countries cope with climate change. Developed countries have historically been responsible for more than 50% of greenhouse gas emissions. This has made it difficult for developing countries which have little contribution to that to keep up with the changes.
The budget set aside is aimed at assisting developing countries in architecting infrastructure that would safeguard them from the potentially harmful effects of the rise in global warming.
The budget was originally estimated to be $400 billion back in 2009 by 23 wealthy nations. However, it was later slashed to only $100 billion - something that could not be fulfilled by 2020. Reports claim that developed wealthy nations only managed to make up to 70% of the compromised budget in the form of loans. The current COP29 Climate Finance Deal is worth $300 billion, still lower than the original estimate let alone the new trillion-dollar pitch.
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Jumping to the recent COP29 Climate Finance Deal, negotiations were centered around pulling the budget to a maximum of over $1 trillion. What developed nations rolled out is a far cry from that level. Hence, a strong rejection from India. Raina called the adoption process unfair, adding that it was stage-managed lacking trust in the UN system.
India’s opinion and stand on the climate deal package resonated sentiments of the Global South. Chandni’s speech, at the end, therefore received loud cheers and applause from representatives and journalists hailing from different nations. Malawi, Nigeria, and Bolivia were some of the countries that openly came out in support of India this Sunday.
Expressing disappointment, Raina stated that India had requested to make a statement before the adoption but the request was ignored. We absolutely object to this, Raina concluded her speech with a positively sharp reaction from everyone concerned with the matter.
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Falling short by a huge difference shows the unwillingness of developed nations to support those who are suffering the consequences of their actions. The COP29 Climate Finance Deal only reinstates that fact. Developing countries, per popular pieces of opinion, are being forced to transition to low-carbon pathways. This is indirectly affecting their growth while developed nations snatch fruits of their contributions to global warming.
Excess emissions of greenhouse gasses began in 1850. The charge was led by developed nations. Others in the world suffered the consequences. Wealthy nations gathered more economic strength, less fortunate regions were left behind to either face the rise in global warming or seek financial assistance from the same wealthy nations that caused the problem in the first place.
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