COP29 in Baku adopts $300-billion-a-year climate finance goal by 2035; India objects
On 24 November 2024 in Baku, Azerbaijan, the COP29 UN climate conference adopted a new climate finance goal (NCQG) of $300 billion a year by 2035, and India's negotiator Chandni Raina objected, calling it an 'optical illusion'.
Summary
Early on 24 November 2024, after talks ran into an extra day, the COP29 UN climate conference in Baku, Azerbaijan, adopted the New Collective Quantified Goal (NCQG) on climate finance. Developed countries are to take the lead in mobilising $300 billion a year by 2035 for developing countries from public and private, bilateral, multilateral and alternative sources, replacing the $100 billion a year pledged in 2009. The $1.3 trillion a year that developing countries had sought appears only as a call on 'all actors' to work together towards it by 2035, with a 'Baku to Belem Roadmap'. Right after adoption, Indian negotiator Chandni Raina told the closing plenary that the document was 'nothing more than an optical illusion', called the sum 'abysmally poor' and said the adoption was 'stage-managed'; Nigeria backed India and called the figure a 'joke'. The conference also finalised rules for carbon markets.
Key facts
- Adopted
- 24 Nov 2024, COP29, Baku (Azerbaijan)
- New goal (NCQG)
- $300 bn a year by 2035, developed countries to lead
- Replaces
- $100 bn a year pledged in 2009
- Wider aim
- $1.3 trillion a year by 2035 from 'all actors'; Baku to Belem Roadmap
- India
- Chandni Raina: 'optical illusion'; objected to adoption process
Practice MCQs 2 questions
What new climate finance goal did COP29 in Baku adopt on 24 November 2024?
Show answer
Correct answer: C — Developed countries to lead in mobilising $300 billion a year by 2035
The Hindu and The Indian Express: the deal set $300 billion a year by 2035, with developed countries taking the lead, from a variety of public and private sources; the $1.3 trillion figure is only a call on all actors.
Which Indian negotiator objected at the COP29 closing plenary, calling the finance deal 'nothing more than an optical illusion'?
Show answer
Correct answer: D — Chandni Raina
The Hindu and The Indian Express: Indian delegation representative Chandni Raina told the closing plenary the document was 'nothing more than an optical illusion' and objected to how it was adopted.