India's Stand At COP 29: A Voice For Developing Economies (Image: X/UNFCCC)

India has always played a central role in international climate negotiations advocating for equitable and sustainable solutions that consider the different capabilities and responsibilities of countries.

At COP 29, India continued this tradition, highlighting the unique challenges faced by developing countries and the need for a balanced approach to global climate action.

Historically, India has championed the principle of “Common but Differentiated Responsibilities and Respective Capabilities” (CBDR-RC), a cornerstone of the United Nations Framework Convention on Climate Change (UNFCCC).

This principle acknowledges that while all countries must participate in climate action, developed nations bear a more significant historical responsibility for greenhouse gas emissions and thus should lead in providing financial and technological support to developing countries.

India reiterated this stance, urging developed nations to fulfil their commitments to mobilize $1.3 trillion annually for climate finance of developing countries.

The top priority of  COP 29 is to deliver deep, rapid, and sustained emissions cuts now to keep temperatures under control and below 1.5°C, leaving no one behind. The COP29 Presidency Plan is based on two parallel and mutually reinforcing pillars.

The first pillar – “Increased Ambition” – brings together key elements to ensure all parties are committed to ambitious national plans and transparency.

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The second pillar – “Diving Action” – reflects the important role of finance as a key tool to translate ambition into action, reduce emissions, adapt to climate change, and prevent loss and damage. However, COP 29 failed to embody the concepts of inclusion, trust, and cooperation.

The 29th session of the Conference of the Parties established an agreement to provide $300 billion per year to developing countries without considering the opinions, suggestions views and needs of these countries.

India and the global south believed that nothing is better than something and India exposed it as an optical illusion and described it as no longer serving its purpose. Developing economies further quoted that it is useless until we think of what is to be done without talking about how it is to be done.

Climate finance is considered an important problem and a standalone topic of COP29. The agenda has talks on the new collective quantitative target (NCQG) on climate financing. Proposed solutions include blended finance (which combines public and private investments to increase financing for climate initiatives) and debt swaps with nature (which allow countries to redistribute debt repayments to environmental and climate projects).

The central sticking point in the talks is the donor base, with advanced economies such as the US and the EU insisting that several resource-rich countries such as China and the Gulf Cooperation Council countries should contribute tacitly, with some of the funding coming from national budgets.

In contrast, developing countries insist on significantly increasing non-loan government subsidies. The $300 billion final text says climate finance will come from public and private sources and encourages voluntary contributions from developing countries, including China and the Middle East.

At the meeting, world leaders approved a key framework under Article 6.4 of the Paris Agreement, establishing a UN-backed body to regulate international carbon trading. The decision is expected to unlock billions of dollars in climate finance, mainly for developing countries.

Delegations also agreed that developed countries should commit to $300 billion per year of climate finance by 2035 to help developing countries access more financial resources to combat emissions and climate disasters.

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However, poorer countries have criticised the amount as insufficient with many pushing for a target of at least $500 billion. While the agreement is a small step, critics, including UN officials, call it a betrayal, especially because of the lack of mandatory contributions for emerging economies like China.

India believes that without adequate financial support, developing countries will struggle to implement effective mitigation and adaptation strategies, hampering global efforts to limit temperature rise. By sharing advanced technologies, developed countries can help bridge the gap between ambition and action, allowing countries like India to move towards a sustainable development path without compromising economic growth.

This is particularly important for India, which faces the dual challenge of lifting millions out of poverty while transitioning to a low-carbon economy. India also highlighted its commitment to expanding renewable energy, showcasing its achievements and future goals.

With initiatives like the International Solar Alliance and ambitious plans to increase solar and wind power capacity, India has positioned itself as a global leader in renewable energy. India called for a stronger framework for adaptation financing, arguing that vulnerable communities need immediate support to cope with the negative impacts of climate change.

By sharing its experiences with innovative adaptation projects, such as climate-resilient agriculture and water management systems, India sought to inspire similar initiatives worldwide. India strongly disagreed with the agreement of COP 29 and became the voice for developing economies.

Finally, India’s position at COP29 reflected the country’s broader philosophy of climate justice. India emphasized the need to include climate policy to ensure they would not have proportions and exclusion for the poor.

India’s participation in COP29 highlights its dual role as a developing economy with significant climate ambitions and as a representative of the Global South.

By advocating for financial support, technology transfer, and climate justice, India aims to create an international partnership in which all countries can contribute and benefit from the fight against climate change.

This balanced approach underscores India’s commitment to its citizens and the global community to strive for a sustainable and equitable future.

(Dr. Anjali PK works as an Assistant Professor in the Department of Economics, Christ (Deemed to be University), Bengaluru. Her area of specialization is digitization, Technology and Economic development with respect to health and education)

(Sandhya S, is pursuing her BA in Economics and Sociology from Christ (Deemed to be University) Bangalore)