The COP29 summit in Baku, Azerbaijan, concluded with the adoption of the Baku Finance Goal (BFG), which commits developed nations to mobilise $300 billion annually by 2035 and aims for $1.3 trillion in climate finance for developing countries in the long term. However, India rejected the deal, calling it inadequate and inequitable, as it fell short of the $1.3 trillion annual goal by 2030 demanded by developing nations.
The agreement also resolved Article 6 negotiations, enabling high-integrity carbon markets projected to generate $1 trillion annually by 2050. While the developed nations celebrated the deal, with the EU citing it as a milestone in climate finance, India criticised the timeline, insufficient funding, and lack of binding commitments for developed nations to address historical emissions.
India argued that the proposed financial structure does not meet the urgent needs of developing countries, particularly for adaptation and mitigation. The provisions for prioritising least developed nations and small island states were deemed inadequate, with India emphasising the need for equitable and timely climate finance.
