COP29 brought together nearly 200 nations to tackle the climate crisis, with a focus on increasing climate funding for developing countries. The conference agreed to triple the annual amount for green technologies to USD300 billion by 2035 and bring in USD1.3 trillion annually through coordinated public and private investments.
India called the USD300 billion target inadequate, failing to meet the financial and technological needs of developing nations. This stemmed from historical inequities in emissions, with the Global North’s industrialisation responsible for 92% of excess carbon emissions. Despite facing severe climate degradation, developing countries have not secured sufficient financial support from wealthier nations. Calls for greater accountability have grown louder as developing nations demand fairer contributions from the North.
Ashish Chandra
Partner
DSK…
