COP29 fails to clear trust and equity test

At the 29th Conference of Parties (COP29) to the United Nations Framework Convention on Climate Change (UNFCCC), which has just concluded in Baku, Azerbaijan, the world witnessed a pivotal moment when the New Collective Quantified Goal (NCQG) on climate finance was adopted during the closing plenary.

- Shailly Kedia

The quantified goal for climate finance from developed countries to developing countries was an amount of $300 billion per year by 2035, packaged as tripling climate finance. The president of the conference swiftly gavelled the decision under Agenda Item IIa. What followed was a fiery rebuke from India and other developing countries. This decision was supposed to mark a breakthrough, yet it instead underscored the growing chasm between the rhetoric of equity and the reality of exclusion.

India, the first to take the floor to oppose the adoption, did not mince words. It vociferously opposed the decision, citing a lack of collaboration and raising the critical issue of trust—a fragile pillar on which COP processes rest. By adopting a decision without the meaningful participation of all stakeholders, particularly developing countries, the process betrayed the very spirit of multilateralism. For India, the lack of transparency was not just a procedural lapse but a fundamental breach of faith.

The sentiments expressed by India resonated across the Global South. Bolivia, speaking on behalf of the G77 and China, Nigeria, and Malawi (who spoke for the Least Developed Countries (LDCs)), echoed this discontent. The crux of their unhappiness? The $300 billion annual mobilization target by 2035—a figure that falls woefully short of the actual needs.