India Declines $300 Billion Climate Finance Package, Advocates for Greater Support

India has rejected a proposed $300 billion climate finance package at COP29, calling it insufficient compared to the $1.3 trillion requested by the Global South. Indian representative Chandni Raina expressed dissatisfaction with the negotiation process and emphasized the need for more significant support for developing nations facing climate change impacts. The proposal does not align with the principles of equity and disproportionate responsibilities among developed and developing countries.

At the recent UN climate conference, India formally rejected a proposed annual climate finance package of $300 billion for the Global South by 2035, labeling it as “too little and too distant.” This package is significantly less than the $1.3 trillion that developing nations have continuously advocated for over the past three years during climate negotiations. Chandni Raina, Adviser to the Department of Economic Affairs, expressed India’s frustration over the process, stating that the nation was not given an opportunity to express its concerns prior to the deal’s adoption, further undermining their trust in the negotiations.

Raina further articulated that the proposed amount does not cater to the core needs of developing nations and violates the Common but Differentiated Responsibilities (CBDR) principle. “We are very unhappy and disappointed with the process, and we object to the adoption of this agenda,” she remarked, evoking support from other nations including Nigeria, which criticized the funding proposal as a “joke.” Raina highlighted how the impacts of climate change are disproportionately felt by developing countries, which must navigate a transition to low-carbon economies without sacrificing their growth.

The $300 billion package comes as a substitute for the previous $100 billion commitment made in 2009. Following extensive discussions that lasted an extra day, the proposal includes mobilization from various sources by 2035 but does not assign responsibility to developed countries. Raina concluded that the current proposal would restrict developing nations’ abilities to meet climate goals and stifle their economic ambitions. “India does not accept the goal proposal in its present form,” she stated emphatically at the conference.

The ongoing climate crisis has highlighted the stark disparities between developed and developing nations, particularly regarding financial commitments for climate action. The Global South has consistently called for robust support from developed nations to combat the effects of climate change. At the heart of these discussions is the principle of Common but Differentiated Responsibilities (CBDR), which recognizes that developed countries should take greater responsibility in supporting developing countries as they manage the burdens of transitioning to sustainable economies. The 2009 commitment of $100 billion annually is seen as insufficient given the escalating demands of the climate crisis.

In summary, India’s rejection of the $300 billion climate finance package underscores the urgent need for a more equitable and substantial financial commitment to support the Global South in addressing climate challenges. The disparity between the proposed package and the $1.3 trillion demanded reflects a broader issue of accountability and responsibility among developed nations, reinforcing the necessity for a fairer approach to climate financing that truly meets the needs and priorities of developing states.

Original Source: swarajyamag.com