India Rejects Climate Deal at COP29

• COP29, a conference of the Parties, adopted a “road map” to kick-start UN-approved carbon markets, but failed to deliver on the main goal: a New Collective Quantified Goal on climate finance (NCQG).

• The NCQG refers to money given to developing countries by developed countries to help them transition away from fossil fuels and curb greenhouse gas emissions.

• Developing countries were insisting on mobilising $1.3 trillion annually.

• India, a member of the Indian delegation, criticized the NCQG as an “optical illusion” and argued that it does not address the magnitude of the challenge the world faces.

• India argued that the new climate finance package was “too little and too distant” and did not accept it in its present form.

• Nigeria backed India’s stance and termed the finance deal a “joke.”

• COP29 also reached an agreement on carbon markets, which several previous COPs had not been able to achieve.

• The finance agreement comes as stronger national climate plans become due from all countries next year.

• The goal of $300 billion adopted by COP29 in the face of categorical objectives of countries including India, Nigeria, Bolivia, Cuba, and walk-outs bodes ill for the future of the NCQG and the collective efforts to address climate change.