Cop29 agrees to $300 billion climate finance deal, India calls amount ‘terribly bad’

Simon Still, UN climate chief, speaks at the closing plenary session of the UN Cop29 Climate Summit on Sunday, November 24, 2024, in Baku, Azerbaijan. (AP)

Countries around the world supported the controversial climate agreement on Sunday, at KS29 conference in Baku, although developing countries criticized annual commitments of US$300 billion from rich historical emitters as inadequate.
After two weeks of negotiations, some 200 countries finalized a controversial financial agreement early this morning at one of Azerbaijan’s sports venues.
India was among those who expressed strong opposition to the agreed amount. “The amount proposed to be mobilized is appallingly small. This is a negligible amount,” said Indian delegate Chandni Raina.
“This document is nothing more than an optical illusion. In our opinion, it will not solve the enormity of the problem that we all face. Therefore, we oppose the adoption of this document,” she said.
Raina added: “US$300 billion does not meet the needs and priorities of developing countries. This is incompatible with the principle of CBDR (common but differentiated responsibilities) and justice, regardless of the fight against the consequences of climate change.”
In support of India, Nigeria has pledged US$300 billion. climate finance the package was a “joke”. Malawi and Bolivia also provided support to India.

Chandni Raina, a member of India’s negotiating team, leaves the final plenary session of the UN COP29 climate summit on Sunday, November 24, 2024, in Baku, Azerbaijan. (AP)

However, EU climate spokesman Wopke Hoekstra said Cop29 would mark the “beginning of a new era of climate finance.”
US President Joe Biden also praised the Cop29 agreement as a “significant step” in the fight against global warming and vowed to continue American action despite the climate skepticism of his new successor Donald Trump.
“While some may try to deny or delay the clean energy revolution that is happening in America and around the world, no one can reverse it — no one,” Biden said.
Negotiations in Baku almost broke down when developing countries walked out of the meetings, threatening to leave if rich countries did not increase funding. But despite earlier statements that they preferred no deal to a bad deal, they ultimately allowed the agreement to pass even though it fell short of their expectations.
The agreement requires developed countries to provide a minimum of $300 billion annually by 2035 to developing countries’ environmental initiatives and disaster preparedness.
This increase from the previous $100 billion commitment drew sharp criticism from developing countries who wanted significantly more.
“This cop has been a disaster for the developing world,” said Mohamed Adow, who heads the think tank Power Shift Africa.
“This is a betrayal of both people and the planet by rich countries that claim to be serious about climate change.”
A coalition of 134 developing countries has asked wealthy governments for a minimum of $500 billion to build climate resilience and reduce emissions.
UN climate chief Simon Still also acknowledged the agreement’s limitations. “No country got everything it wanted, and we are leaving Baku with a mountain of work. So now is not the time for victory laps,” he said.
UN Secretary-General Antonio Guterres also expressed disappointment with the climate finance agreement reached in Azerbaijan, while acknowledging its potential as a starting point for future progress.
“I had hoped for a more ambitious outcome – both on finance and on mitigation – to address the enormous challenge we face,” Guterres said in a statement, adding that he called on “governments to view this agreement as a framework – and build on it.”
The US and EU, on the other hand, have advocated the contribution of emerging economies such as China, a leading emitter.
The potential return of Donald Trump to the presidency and right-wing resistance to environmental initiatives in Western countries have influenced the negotiations.
The agreement proposes a broader annual goal of $1.3 trillion to combat the impacts of climate change, which relies heavily on private financing.