India Sees Less Hope From Funding Commitments At COP29

"COP29 Deal Doesn't Inspire Trust That We Will Come Out Of Climate Change Problem"-India

The UN recently concluded climate talks at COP29 in Baku with a pledge of $300 billion annually from rich nations to contribute to the global fight against climate change. The COP29 negotiations ended early Sunday morning in Baku. The Indian delegation, however, finds it not enough to deal with the climate change crisis. The COP29 was significant as it was set to a revised funding commitment from developed nations.

India’s representative strongly denounced the new goal, calling it a “paltry sum”. it said, “We seek a much higher ambition from the developed countries, and [the amount agreed] does not inspire trust that we will come out of this grave problem of climate change.” A representative from a group of small island nations stated: “After this COP29 ends, we cannot just sail off into the sunset. We are literally sinking.” They added that the conference outcome highlighted “what a very different boat our vulnerable countries are in compared to the developed countries.”

Developing countries responded by calling the deal “insulting” and argued that it failed to provide the vital resources they required to adequately address the complexities of the climate crisis. Responding to the outcome of COP29, UN Secretary-General António Guterres stated that while an agreement at COP29 was essential to keeping the 1.5-degree limit alive, “I had hoped for a more ambitious outcome – on both finance and mitigation – to meet the great challenge we face.”

Despite the disappointing outcome on climate finance, COP29 built on previous gains in emissions reduction targets. The event saw an acceleration of talks toward achieving energy transition and a long-sought agreement on carbon markets. These agreements were reached despite an “uncertain and divided geopolitical landscape” that threatened to derail negotiations.

“This deal will keep the clean energy boom growing and protect billions of lives. It will help all countries share in the huge benefits of bold climate action: more jobs, stronger growth, and cheaper and cleaner energy for all. But like any insurance policy – it only works if the premiums are paid in full and on time.”

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While some delegations applauded the deal, many from the developing world, including Bolivia and Nigeria, expressed deep disappointment at what they argued was an “insultingly low” financing target. They also criticized the agreed text for failing to significantly build on last year’s COP28 agreement in Dubai, which called for nations to “transition away from fossil fuels.”

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Sierra Leone’s representative said, “African nations were disappointed in the outcome, which “signals a lack of goodwill by developed countries.” Indeed, the $300 billion deal was described as “less than a quarter of what science shows is needed and barely enough to forestall a climate catastrophe.” Striking a different tone, a representative from the European Union delegation stated that the new climate finance goal would “bring much, much more private money to the table, and that is what we need. With these funds, we are confident we will reach the 1.3 trillion objective.”