Introduction

The COP29 conference in Baku, Azerbaijan, aimed to chart a path for global climate action, particularly through a new climate finance mechanism, the New Collective Quantified Goal (NCQG). Despite extended negotiations, India and several developing nations criticized the final agreement as inadequate to address the pressing challenges of climate change and inequitable in burden-sharing.

Key Features of COP29 Outcomes:

1. Climate Finance Commitments:
   • Developed countries agreed to mobilize $1.3 trillion annually by 2035.
   • A target of pooling $300 billion annually was set to support climate adaptation and mitigation.
2. New Mechanisms Introduced:
   • Efforts to strengthen carbon markets.
   • Revised Nationally Determined Contributions (NDCs) due from all countries by 2025, aiming to limit global warming to 1.5°C.
3. Provisions for Developing Nations:
   • Emphasis on supporting transitions from fossil fuels to clean energy.
   • Commitments to address financial gaps for adaptation and resilience-building.

India’s Position:

1. Rejection of Finance Package:
   • India deemed the financial commitments as “too little and too distant”.
   • Highlighted the failure of developed nations to fulfill prior pledges, including the unmet $100 billion per year goal under the Paris Agreement.
2. Concerns Over Equity:
   • Stressed the historical responsibility of developed nations.
   • Called for a greater focus on adaptation and support for vulnerable countries.
3. Critique of Process:
   • Criticized the UNFCCC Secretariat for sidelining developing nations’ concerns.
   • Reiterated that global policies must be rooted in equity and fairness.

Global South’s Response:

1. Dissatisfaction Among Developing Nations:
   • Nigeria and other countries termed the deal a “joke” and walked out in protest.
   • Countries like Bolivia and Cuba called for stronger commitments from the Global North.
2. Demand for a Just Transition: Developing countries emphasized the need for a fair share in financial and technological resources for sustainable growth.

Implications for the Future:

1. Challenge of Meeting 1.5°C Target: With existing commitments insufficient, achieving the global temperature target remains uncertain.
2. Strengthening International Cooperation: COP30 presents an opportunity to address disparities and set stronger collective goals.

Conclusion

The outcomes of COP29 underscore the persistent divide between developed and developing nations on climate action. While financial commitments mark progress, they fall short of the scale required to combat climate challenges effectively. India’s dissent reflects the broader discontent of the Global South, advocating for equity and fairness in global climate governance. Moving forward, achieving meaningful climate action will require bridging these gaps through inclusive and transparent negotiations.