India Rejects $300 Billion Climate Finance Deal

At the COP29 climate conference in Baku, a new climate finance package of $300 billion per year was adopted to support developing nations in climate action by 2035. However, the deal faced significant criticism from countries like India and Cuba, who deemed it insufficient and too distant to address urgent climate needs. Indian negotiator Chandni Raina expressed disappointment, stating the package does not align with the principles of equity and fails to meet the requirements of developing nations. The agreement replaces a previously proposed $250 billion target, but many developing countries, including members of the G77+China group, argue it falls short of the $500 billion they sought. The European Union praised the deal as a new era for climate finance, emphasizing the necessity for timely funding to combat climate impacts. Despite the agreement, frustrations were evident as several nations walked out during negotiations, signaling ongoing tensions over financial responsibilities.