India on Sunday rejected a new climate finance package of $300 billion for the Global South at the UN climate conference here, saying it was too little and too late.

Cop29: India Rejects New $300 Bn Climate Finance Deal

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<p>The United Nations climate body released a new draft on Thursday (Nov. 21), outlining potential options for the COP29 summit's main objective which is deciding how much financial support wealthier nations should provide to poorer countries for fighting climate change. However, progress has been slow at the talks in Baku, Azerbaijan, as delegates near the summit's scheduled conclusion on Friday.</p>

<h2><strong>What does the latest document say?</strong></h2>

<p>The latest text, which was delayed by several hours, highlights unresolved issues surrounding the annual climate finance target, but it does not clarify what should count toward the financial commitments, who should contribute, and how much each country should pay.</p>

<h2><strong>Developed and developing nations: How do they see climate finance?</strong></h2>

<p>The document, now reduced to 10 pages from its original length, presents contrasting views from developed and developing nations. Developing countries emphasise that the funds should primarily consist of grants or grant-equivalent contributions. They also argue that financial aid provided by developing nations to each other, such as from larger economies like China, should not be included in the official target.</p>

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<p>On the other hand, wealthier nations advocate for a broader definition of climate finance that includes contributions beyond grants and expands the pool of donor countries.</p>

<h2><strong>The equation to solve for 'X'</strong></h2>

<p>Notably, the draft does not specify a concrete annual funding figure, leaving it as "X." This placeholder reflects the hesitation of major donor nations, including European Union members, to commit to a number before finalising the agreement's framework and contributor base. The COP29 presidency has assured delegates that a revised version of the text, including potential figures, will be released overnight to ease negotiations.</p>

<h2><strong>'Imbalanced, unworkable and unacceptable'</strong></h2>

<p>"The text we now have... is imbalanced, unworkable and unacceptable," stated Wopke Hoekstra, the European Union's climate commissioner.</p>

<p>Panama's lead negotiator, Juan Carlos Monterrey Gómez, told Reuters, "All of this is turning into a tragic spectacle, a clown show, because when we get to the last minute, we always get a text that is just so weak."</p>

<p>The summit, involving nearly 200 countries, aims to establish a global climate finance framework to help developing nations transition to low-carbon economies and address the impacts of extreme weather.</p>

<p><em>(With inputs from agencies)</em></p>


The United Nations climate body released a new draft on Thursday (Nov. 21), outlining potential options for the COP29 summit's main objective which is deciding how much financial support wealthier nations should provide to poorer countries for fighting climate change.

The United Nations climate body released a new draft on Thursday (Nov. 21), outlining potential options for the COP29 summit's main objective which is deciding how much financial support wealthier nations should provide to poorer countries for fighting climate change. However, progress has been slow at the talks in Baku, Azerbaijan, as delegates near the summit's scheduled conclusion on Friday. What does the latest document say? The latest text, which was delayed by several hours, highlights unresolved issues surrounding the annual climate finance target, but it does not clarify what should count toward the financial commitments, who should contribute, and how much each country should pay. Developed and developing nations: How do they see climate finance? The document, now reduced to 10 pages from its original length, presents contrasting views from developed and developing nations. Developing countries emphasise that the funds should primarily consist of grants or grant-equivalent contributions. They also argue that financial aid provided by developing nations to each other, such as from larger economies like China, should not be included in the official target. Also read: Russia launched ICBM, claims Ukraine, calls it ‘unprecedented escalation’ On the other hand, wealthier nations advocate for a broader definition of climate finance that includes contributions beyond grants and expands the pool of donor countries. The equation to solve for 'X' Notably, the draft does not specify a concrete annual funding figure, leaving it as "X." This placeholder reflects the hesitation of major donor nations, including European Union members, to commit to a number before finalising the agreement's framework and contributor base. The COP29 presidency has assured delegates that a revised version of the text, including potential figures, will be released overnight to ease negotiations. 'Imbalanced, unworkable and unacceptable' "The text we now have... is imbalanced, unworkable and unacceptable," stated Wopke Hoekstra, the European Union's climate commissioner. Panama's lead negotiator, Juan Carlos Monterrey Gómez, told Reuters, "All of this is turning into a tragic spectacle, a clown show, because when we get to the last minute, we always get a text that is just so weak." The summit, involving nearly 200 countries, aims to establish a global climate finance framework to help developing nations transition to low-carbon economies and address the impacts of extreme weather. (With inputs from agencies)

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