Developed Nations' Climate Funding Fall Short, Developing Countries May Revise Targets

The lack of financial aid from developed countries could lead developing nations to alter their climate goals, according to India's Chief Economic Advisor, V Anantha Nageswaran. The new climate finance package from COP29 leaves little optimism, raising concerns about meeting international climate commitments and sustainable development objectives.

Developed countries' insufficient financial backing for climate change mitigation could force developing nations to rethink their environmental objectives, warns India's Chief Economic Advisor V Anantha Nageswaran.

Nageswaran expressed doubts about the recently agreed-upon financial package at the 2024 UN climate conference in Azerbaijan, noting its inadequacy in addressing the needs of developing countries.

The Chief Economic Advisor points out the stark contrast between the promised minimal mobilization of USD 300 billion annually and the projected necessity of USD 5.1-6.8 trillion by 2030, highlighting the misalignment with the urgent requirements of the Paris Agreement.

(With inputs from agencies.)