India on Sunday vehemently opposed the paltry 0 bn climate finance package intended for the Global South. During the closing plenary of the UN climate conference, Chandni Raina, the Adviser from the Department of Economic Affairs, made a powerful statement on behalf of India. She characterized the adoption process as "unfair" and "stage-managed", highlighting the troubling lack of trust in the UN system.

India's Discontent over Inadequate Climate Finance

Rejection of the Adoption Process

India had requested the opportunity to speak before the climate finance package was adopted. However, their request was ignored, and Raina expressed deep disappointment. "We had informed the presidency and the secretariat of our intention to make a statement. But this was clearly stage-managed, and it undermines the integrity of the UNFCCC system," she said, receiving loud applause from the gathering.This incident has raised questions about the fairness and transparency of the UN climate conference. India believes that such actions do not serve the interests of developing countries and do not address the urgent need for climate action.

The Meager 0 bn Annual Pledge

The new climate finance package of 0 bn annually by 2035 is widely regarded as "too little and too distant" by India. Developed countries, which have historically been the major contributors to greenhouse gas emissions, are obligated to provide finance, technology, and capacity-building support to developing economies. However, the 0 bn figure falls far short of the .3 tn demanded by the Global South over the past three years of climate talks.In 2009, developed countries pledged to provide 0 bn per year by 2020. Although this pledge was met in 2020, the majority of the funds came in the form of loans. The 0 bn package does not meet the needs and priorities of developing countries and is inconsistent with the principle of CBDR (common but differentiated responsibilities) and equity.

Impact on Developing Countries

Raina emphasized that developing countries are the most affected by climate change and are being forced to transition to low-carbon pathways at the expense of their growth. The proposed outcome of the COP29 will further limit their ability to adapt to climate change and undermine their climate goal ambitions.Nigeria supported India's stance, calling the 0 bn climate finance package a "joke". Malawi and Bolivia also joined in expressing their opposition. This shows the widespread dissatisfaction among developing countries with the current climate finance arrangements.

Uncertainty in the COP Process

Despite years of climate agreements, greenhouse gas emissions and global temperatures continue to rise. This year is on track to be the warmest ever recorded, raising concerns about the effectiveness of the COP process. The deal document adopted at COP29 calls for countries to marshal a total of 0 bn per year by 2035 from various sources. However, the .3 tn figure remains a distant goal, and the path to achieving it is uncertain.The adoption of the carbon credit rulebook at COP29 is seen as a step forward in bringing in funding and offsetting emissions. But it also highlights the ongoing challenges in addressing climate change and the need for greater cooperation among countries.In conclusion, India's strong rejection of the 0 bn climate finance package reflects the deep-seated issues and inequalities in the global climate finance system. Developing countries are demanding more substantial and equitable support to combat climate change and protect their economies and livelihoods.