COP29 Highlights Tensions Over Climate Finance

At the COP29 conference, India criticized developed nations for their lack of commitment to climate finance and mitigation efforts, emphasizing the need for at least $1.3 trillion annually until 2030 to support developing countries. India underscored the disproportionate impact of climate change on the Global South and the necessity for financial aid without growth-inhibiting conditions. The conference has been marked by stalled negotiations and dissatisfaction from developing countries over unmet financial pledges, including the $100 billion annual target set in 2009. An open letter from prominent climate figures, including Ban Ki-moon, called for a reform of the COP process, criticizing its current structure for failing to achieve necessary climate action at the required pace. The letter suggested a shift from negotiation to implementation to ensure accountability and progress. India's demands reflect a broader call for climate justice and adherence to the Paris Agreement's financial commitments.