"Too Little, Too Distant": India Bats For Global South At COP29, Rejects $300 Billion Climate Finance Package

India on Sunday (24 November) rejected the $300 billion annual climate finance package proposed for the Global South by 2035 at the UN climate conference, calling it "too little and too distant."

The $300 billion amount falls significantly short of the $1.3 trillion demanded by the Global South during the past three years of climate negotiations.

Chandni Raina, Adviser, Department of Economic Affairs, speaking on behalf of India, expressed disappointment, stating they were not allowed to voice their concerns before the adoption of the deal, which undermined 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.

Raina stated that the $300 billion package does not align with the needs and priorities of developing nations and contradicts the principle of CBDR (Common but Differentiated Responsibilities) and equity, regardless of the battle with the impact of climate change.

"We are very unhappy and disappointed with the process, and we object to the adoption of this agenda," the Indian negotiator said, drawing loud cheers in the plenary room full of diplomats, civil society members and journalists.

Backing India, Nigeria described the $300 billion climate finance package as a "joke," with Malawi and Bolivia also extending their support.

Raina emphasised that the outcome demonstrates the reluctance of developed nations to fulfil their obligations.

Raina noted that developing countries face the greatest impacts of climate change and are being forced to transition to low-carbon pathways, often at the expense of their economic growth.

She highlighted that developing nations are also burdened by unilateral measures like the Carbon Border Adjustment Mechanism imposed by developed countries, complicating their transition efforts.

The proposed outcome, according to Raina, will hinder the developing world's capacity to adapt to climate change and adversely impact their climate goal ambitions and economic growth.

"India does not accept the goal proposal in its present form," she said.

The New Collective Quantified Goal (NCQG) for developing nations, which proposes the $300 billion package, replaces the $100 billion commitment made in 2009.

Following prolonged negotiations that extended by an additional day, the package outlines mobilising $300 billion annually by 2035 from diverse sources, including public, private, bilateral, multilateral, and alternative sources.

The document includes the $1.3 trillion figure but urges "all actors," including public and private entities, to collaborate to achieve this by 2035, without assigning the responsibility exclusively to developed countries.

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