Baku: India has opposed the climate deal rea hed at the Baku Summit and has called the USD 300 billion an “optical illusion”.
“I regret to say that this document is nothing more than an optical illusion. This, in our opinion, will not address the enormity of the challenge we all face. Therefore, we oppose the adoption of this document,” Indian delegation representative Chandni Raina told the closing plenary session of the summit.
Earlier, developed countries made a final offer of $300 billion annually by 2035 to help developing countries tackle climate change, hours after two groups of the world’s most climate-vulnerable countries stormed out of the negotiating room at COP29.
The $300 billion figure, however, is a far cry from the $1.3 trillion the Global South has been demanding in the three years of talks.
The offer is part of the draft deal on a new climate finance package for developing nations, or the New Collective Quantified Goal (NCQG), which will be put before countries for approval in a plenary session shortly.
Countries were required to reach an agreement on the new climate finance package for the developing world at the UN climate conference in Baku.
Developing nations have repeatedly said they need at least $1.3 trillion annually — 13 times the $100 billion pledged in 2009 —starting from 2025 to meet their escalating climate challenges.
(With inputs from PTI, Reuters)
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