The COP29 Climate Conference in Baku, Azerbaijan, concluded without a clear agreement on the new Quantified Collective Goal (NCQG) on climate finance commitments. Instead, the rich countries pledged $300 billion annually as a base figure to lead further efforts to raise $1.3 trillion annually from 2035. This outcome has been met with disappointment and criticism from developing countries, including India, which has explicitly rejected this offer.

The NCQG refers to the money that developed countries would provide to developing countries to meet their climate transition goals. The demand was for $1.33 trillion, but the commitment fell short at $300 billion per annum for 2035. This amount is meant to cover mitigation (reduction of greenhouse gas emissions) and adaptation (preparing infrastructure to withstand climate impacts). For instance, China spent $790 billion on renewables and non-fossil fuels last year but only addressed their emissions incrementally. The UN’s Adaptation Gap Report of 2024 suggests that $387 billion a year is needed for adaptation alone by 2030. Despite the availability of funds, such as the US military spending of $916 billion last year, the political will to allocate these resources to climate finance is lacking.

The loss and damage fund, which addresses the aftermath of climate impacts, saw no significant progress at COP29. The fund received merely $700 million before Baku, with a few additional pledges bringing the total to $731 million from 26 donors. This is starkly inadequate compared to the scale of climate impacts, such as the 2022 Pakistan floods that affected 33 million people and caused billions of dollars in damage.

An agreement was reached on global standards for carbon markets and trading. This involves the commodification of carbon dioxide, allowing companies or countries to trade and profit from it. However, concerns remain about double-counting emission reductions and the effectiveness of these measures. Additionally, the potential loss of community control over forests and resources for indigenous communities is a significant issue.

One of the few positive outcomes of COP29 was the Reducing Methane from Organic Waste Declaration. This declaration, signed by over 30 countries, aims to reduce methane emissions from landfills, which account for about 20% of the world’s anthropogenic methane. This initiative has the potential to improve air and food quality for people living near landfills and generate employment through waste management practices.

India demanded a higher goal of $1.3 trillion and stood against the European Union on several issues. However, domestically, India’s climate action lacks urgency. The country’s energy policy is driven more by energy security and reducing import bills than by climate change. The expansion of renewables has been slow, with solar and wind power making up only 13% of India’s electricity generation last year.

Quote From Chandni Raina at COP29

❝India does not accept the goal proposal at in its
present form developed countries I regret to say
that this document is nothing more than an
optical illusion this in our opinion will not address
the enormity of the challenge we all face therefore
we(India) oppose the adoption of this document
we oppose the adoption of this document
India opposes the adoption of this document
India opposes the adoption of this document❞

• The Immense Disappointment and Promise of the COP29 Climate Summit: This article discusses the mixed outcomes of the COP29 Climate Summit, highlighting both the disappointments and the
promises made during the conference.

• COP29: Five Critical Issues Still Left Hanging after an Underwhelming UN Climate Summit in Azerbaijan: This article outlines the critical issues that remain unresolved after the COP29 summit, emphasizing the need for further action