India gave a fiery speech after the COP29 talks approved a new climate finance goal, suggesting rich nations are failing

The COP29 UN climate talks wrapped up on Sunday with a disappointing outcome on climate finance, as wealthier nations agreed to mobilize only $300 billion annually by 2035 for developing countries. This fund would come from a mix of public and private sources,

India, standing with the Global South, rejected the COP29 climate finance deal, deeming the $300 billion pledge by 2035 woefully inadequate. Indian negotiator Chandni Raina criticized developed nations for shifting the financial burden and undermining the principle of equity.

India was the first country at COP29 to oppose the new climate finance goal of $300 billion annually by 2035 for developing countries for climate action

Baku/New Delhi: India stood up for the Global South on Sunday early morning after a new text on the New Collective Quantified Goal (NCQG) was suddenly gavelled by the Azerbaijan Presidency followed by massive applause, with UN and COP29 Presidency officials embracing in a moment of celebration.

Climate advocates say the package on mitigation, adaptation and finance fails to deliver on the promises of the Paris Agreement, come calling it "insulting" and a "joke"

Calling the proposed amount of $300 billion a year an "optical illusion", an Indian representative at COP 29 said that it wouldn't address the real climate challenges and added that it reflects the unwillingness of the developed country parties to fulfil their responsibilities.

Western leaders welcomed the deal, as US President Joe Biden says the world is "one significant step closer" to achieving climate goals.