India Opposes COP29 Finance Deal, Calls It an ‘Optical Illusion’ After Adoption

India Opposes COP29 Finance Deal: India on Sunday opposed the climate finance deal which was adopted at the UN COP29 Summit in Baku, Azerbaijan though the objection was raised after the adoption.

Indian delegation representative Chandni Raina, while expressing disappointment over the outcome, saying, “We are disappointed in the outcome which clearly shows the unwillingness of the developed country parties to fulfill their responsibilities.”

Raina told the closing plenary session of the summit that, “I regret to say that this document is nothing more than an optical illusion. in our opinion, will not address the enormity of the challenge we all face. Therefore, we oppose the adoption of this document.”

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Nigeria supported India and called the climate finance package a “joke”. Malawi and Bolivia also supported India, reported PTI.

Earlier, the developed countries at the COP29 Summit in Baku had adopted a $300 billion global finance target to help poor countries adapt to climate change. But the Global South had been demanding $1.3 trillion for the last three years and $300 billion is a long way off.

The deal at the 29th Conference of Parties (COP29) to the United Nations Framework Convention on Climate Change (UNFCCC) will see developed countries help developing countries adapt to climate change with $300 billion a year by 2035 and this will replace the $100 billion figure pledged in 2009.

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However, EU climate representative Woke Hoekstra declared Cop29 would mark "the start of a new era for climate finance".

US President Joe Biden also praised the Cop29 deal as a "significant step" to fighting global warming, and pledged continued action by America despite his incoming successor Donald Trump's climate skepticism.

"While some may seek to deny or delay the clean energy revolution that's underway in America and around the world nobody can reverse it -nobody," Biden said.

Negotiations nearly collapsed in Baku when developing nations left meetings, threatening withdrawal unless wealthy countries increased funding. But despite earlier assertions about preferring no deal to a poor one, they ultimately allowed the agreement's passage, though it fell short of their expectations.

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