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India's delegation expressed outrage at COP29 over the swift adoption of a USD 300 billion climate-finance package, which they deemed "unfair" and "stage-managed." Adviser Chandni Raina criticized the amount as "abysmally poor" compared to the USD 1 trillion needed annually by developing countries, highlighting concerns over the sources of funding and the voluntary nature of contributions.
At COP29 in Baku, tensions escalated as negotiators from vulnerable nations, including the Alliance of Small Island States and Least Developed Countries, stormed out over a draft finance agreement they felt excluded their input. Despite objections from India and Nigeria regarding the rushed adoption of a $300 billion annual climate finance goal by 2035, the deal was finalized in the early hours, highlighting ongoing frustrations over inclusivity in climate negotiations.
Emerging economies, led by China, are pushing for a formal discussion on what they view as protectionist climate measures by developed nations at COP29, particularly criticizing the EU's carbon border adjustment mechanism (CBAM) and the US Inflation Reduction Act. They argue these unilateral trade measures disproportionately affect developing countries, increase global climate action costs, and undermine multilateral cooperation. The BASIC group’s agenda proposal may face resistance from the EU and the US, potentially delaying negotiations at the summit.
India and the EU must acknowledge each other's sensitivities to expedite a free trade agreement, according to Commerce Minister Piyush Goyal. He emphasized that negotiations should prioritize trade issues over environmental regulations, which he views as outside the FTA's scope. Goyal asserted that India will not accept unfavorable terms, highlighting the dairy sector as a key concern in the discussions.
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India condemns unfair climate finance deal at COP29 amid diplomatic tensions
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vulnerable nations walk out as climate agreement faces backlash at negotiations
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emerging economies challenge developed nations on climate trade measures at COP29
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