COP29 summit: India leads Global South to reject 'unfair' finance deal

COP 29 president pushed decisions despite objections, citing procedural norms

Rich Global North polluted the planet to turn wealthy in a short span of time, an Indian negotiator told this reporter in Baku last week. “And now they are trying to get even richer by asking us to fix the problem.”

 

This, in short, was the essence of the global finance-climate proposal, adopted on Sunday, with an 11-year lead time for fulfilment.

 

The final draft heavily slashed the demand for climate finance of $6 trillion a year from developing nations to $1.3 trillion, and brought down the level of grants from $1.3 trillion to $300 billion from public and private