• Countries pledged to contribute at least $300 billion annually to the global fight against climate change as UN climate talks came to a contentious end on November 24. 

• Developing nations who had sought over $1 trillion in assistance called the agreement “insulting” and argued it did not give them the vital resources they required to truly address the complexities of the climate crisis.

• After two weeks of intense negotiations, delegates at the 29th Conference of Parties to the UN Framework Convention on Climate Change (UNFCCC), agreed to provide this funding annually, with an overall climate financing target to reach “at least $1.3 trillion by 2035”.

• Countries also agreed on the rules for a UN-backed global carbon market. This market will facilitate the trading of carbon credits, incentivising countries to reduce emissions and invest in climate-friendly projects.

• These were among the big-ticket issues decided upon as the summit, underway since November 11 in the enormous Baku Stadium in the Azerbaijan capital, ran into double overtime.

• This summit had been dubbed the ‘climate finance COP’, and representatives from all countries were seeking to establish a new, higher climate finance goal. 

• The target, or new collective quantified goal (NCQG), will replace the existing $100 billion goal that is due to expire in 2025.

• In the closing days at COP29, negotiating teams from the developed and developing worlds were deadlocked over a final deal, with reports that representatives for least developed countries and the Alliance of Small Island States (AOIS) had walked out of the talks.

India rejects ‘unfair’ climate finance deal

• India fiercely rejected the climate finance package for the Global South and said the COP29 presidency and the UN climate change office forced through the deal before allowing it to voice its objections. 

• The UN climate conference adopted a new climate finance package of a meagre $300 billion annually by 2035, replacing the $100 billion pledge made in 2009. 

• India said its request to speak before the adoption of the climate finance package was ignored. 

• India said the new climate finance package of a meagre $300 billion annually by 2035 is “too little and too distant” and it does not accept it in its present form.

• Developed countries, which have historically been responsible for most of the greenhouse gas emissions driving climate change, are required to provide finance, technology, and capacity-building support to developing and low-income economies to help them cope with a warming world.

• In 2009, they pledged to provide $100 billion per year by 2020. However, this pledge was only met in 2020, with around 70 per cent of the funds coming in the form of loans. 

What is COP?

• The United Nations Framework Convention on Climate Change (UNFCCC) is a multilateral treaty adopted in 1992, shortly after the first assessment report by the Intergovernmental Panel on Climate Change (IPCC) in 1990, to stabilise greenhouse gas concentrations at a level that would prevent dangerous anthropogenic (human-induced) interference with the climate system. 

• Since entering into force in 1994, the UNFCCC has provided the basis for international climate negotiations, including landmark agreements such as the Kyoto Protocol (1997) and the Paris Agreement (2015).

• The Conference of the Parties (COP) is the main decision-making body of the UNFCCC.

• It brings together 198 countries and the European Union.

• The inaugural COP gathering took place in Berlin, Germany, in March 1995, and today the COP secretariat is headquartered in Bonn. 

• COPs serve as the formal meeting place each year for the Parties to negotiate and agree on how to tackle climate change, reduce emissions and limit global warming. A primary task at COPs is the examination of national reports and emission inventories submitted by participating countries.

• These reports offer essential insights into each country’s actions and their progress toward achieving the overarching goals of the Convention.

• COPs are meant to be inclusive affairs and, as well as world leaders and government representatives, a diverse range of people from all aspects of society, from business leaders and climate scientists to Indigenous Peoples and youth, are involved, taking part in order to share insights and best practices to strengthen climate action that benefits all.

• COPs are hosted annually in different countries. COP28 was held in Dubai. Brazil will host COP30 in 2025.

• The COP presidency rotates among the five recognised UN regions — Africa, Asia, Latin America and the Caribbean, Central and Eastern Europe and Western Europe and others. This rotation ensures that different corners of the world have the opportunity to host and showcase their commitment to addressing climate challenges.

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