India has rejected the new climate finance package of USD 300 billion for the Global South at the UN climate conference on Sunday in Baku, Azerbaijan. India labelled the aid package as ‘too little, too late.’ The climate summit overran for 32 hours as the deal hit some roadblocks before being finalised. Many developing countries including Cuba and Nigeria are still unsatisfied with the arrangement. The summit, initially scheduled to conclude on Friday evening, extended into early Sunday due to prolonged negotiations. 

Chandni Raina, Adviser to the Department of Economic Affairs, stated that India was not given a chance to speak prior to the deal’s adoption. “We are very unhappy, disappointed with the process, and object to the adoption of this agenda,” PTI quoted the Indian negotiator as saying. 

“USD 300 billion does not address the needs and priorities of developing countries. It is incompatible with the principle of CBDR (Common but Differentiated Responsibilities) and equity, regardless of the battle with the impact of climate change,” she added. 

Nigeria backed India, calling the $300 billion climate finance package a ‘joke,’ with Malawi and Bolivia also voicing their support. 

World Resources Institute President and CEO Ani Dasgupta described the agreement as “an important down payment toward a safer, more equitable future.” However, he noted that the poorest and most vulnerable nations are “rightfully disappointed that wealthier countries didn’t put more money on the table when billions of people’s lives are at stake.” 

In the early hours of Sunday, nations at the United Nations climate talks finalised an agreement on financing support for poorer countries impacted by climate change. While the deal has left many parties dissatisfied, others view it as a potential step forward despite its imperfections.