New Delhi says the $300 billion spending goal for battling climate change is a “paltry sum” that in no way reflects the needs of the Global South
India has rejected the climate spending goal adopted at the UN Climate Change Conference (COP29) in the Azerbaijani capital of Baku on Sunday. Chandni Raina, an advisor at India’s Finance Ministry and COP29 negotiator for India, slammed the deal as an “optical illusion” that does not reflect the needs of the countries of the Global South.
After three years of talks, the COP29 member countries have agreed to provide $300 billion in annual spending on climate action, with an overall target to reach “at least $1.3 trillion” in climate financing by 2035.” The target, otherwise known as the new collective quantified goal (NCQG), will replace the existing $100 billion goal that is due to expire next year.
Under the deal, developed countries are obligated to “take the lead” in providing…
