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$300 Billion Climate Deal
Context
Countries at the COP29 summit in Baku adopted a USD 300 billion a year global finance target to help poorer nations cope with impacts of climate change, a deal its intended recipients criticised as woefully insufficient.
What is the finance deal struck at COP29?
- Delegates at COP29 agreed to provide additional funding to developing countries to fight and adapt to climate change.
- The wealthy nations, who are historic emitters, offered USD 300 billion a year by 2035, much less than what the developing world was hoping to receive.
- Under a framework established by the UN in 1992, 23 developed countries -- and the European Union -- historically responsible for most planet-heating emissions are obliged to contribute to climate finance.
- Source: The deal states that the money will come directly from a "wide variety of sources" including government budgets, private sector investment, and other financing. It also cites "alternative sources" -- a reference to potential global taxes under discussion on the aviation and maritime industries, and the rich.
- It’s part of the plan to keep cutting pollution with new targets every five years, which the world agreed to at the UN talks in Paris in 2015.
- The Paris Agreementset the system to keep warming under 5 degrees Celsius above pre-industrial levels. The world is already at 1.3 degrees Celsius and carbon emissions continue to rise.
India’s Stand
- India has rejected the new USD 300 billion climate deal for the Global South, saying it was too little and too late.
- India does not accept the goal proposal in its present form. The amount that is proposed to be mobilised is abysmally poor. It is a paltry sum. It is not something that will enable conducive climate action that is necessary for the survival of our country.
- USD 300 billion does not address the needs and priorities of developing countries. It is incompatible with the principle of CBDR (Common but Differentiated Responsibilities) and equity, regardless of the battle with the impact of climate change.
- The negotiations were also the scene of disagreements within other developing world.
- The Least Developed Countries (LDCs) bloc had asked that it receive $220bn per year, while the Alliance of Small Island States (AOSIS) wanted $39bn – demands that were opposed by other developing nations.
- The figures did not appear in the final deal. Instead, it calls for tripling other public funds they receive by 2030.
- The next COP, in Brazil in 2025, is expected to issue a report on how to boost climate finance for these countries.
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