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.

India was the first to reject the decision because it doesn’t reflect the priorities of the Global South; the rejection has since been endorsed by several developing countries.

India sought the floor before the decision was adopted but the cue was not given to India. This led to gavelling of an NCQG text which decides to set a goal of at least $300 billion per year by 2035 for developing country parties for climate action, with developed countries “taking the lead” in contributing. The text also decides to launch , the “Baku to Belém Roadmap to 1.3T”, aiming at scaling up climate finance to developing countries to $1.3 trillion.

“We are extremely disappointed. Trust is the basis for all action and this incident is indicative of a lack of trust. This is also a lack of collaboration on an issue which is faced as a global challenge by all of us, most of all the developing countries that are not responsible for it. But, we have seen what you have done. Gavelling and trying to ignore parties from speaking does not behove the UNFCCC’s system and we would want you to hear us and also hear our objections to this adoption,” said Chandni Raina, advisor at India’s finance ministry and negotiator for India.

“We absolutely object to this unfair means of adoption. We are faced with one of the biggest challenges of all times which will determine our esxistence. The only thing that enables us to move beyond and take action in line with addressing this challenge is collaboration and trust among us. It is a fact that both have not worked today. We are extremeky hurt by this action of the Presidency and the UNFCCC Secretariat,” she added.

While COP29 President, Mukhtar Babayev only said her statement will be recorded, other developing countries backed India.

“I could not go back to my country with only %300 billion. This is an insult to what the convention (@UNFCCC) says.Nigeria supports India’s rejection of the adoption of the text for the New Collective Quantified Goal on #ClimateFinance (#NCQG) at #COP29,” Nigeria’s negotiator said. The Like Minded Developing Countries, a coalition of developing countries also supported India’s objection.

Developed countries stuck to the stance that the agreement marked a breakthrough.

“COP29 will be remembered as the start of a new era on climate finance. The EU will continue to lead. This COP delivered an ambitious and realistic goal and an increased contributor base. With these funds and this structure, we are confident we’ll reach the $1.3 trillion,” EU’s climate envoy, Wopke Hoekstra said.

Overall, the NCQG document was criticised and rejected by civil society organisations. “At COP29, developed nations once again coerced developing countries into accepting a financial deal woefully inadequate to address the gravity of our global climate crisis. The deal fails to provide the critical support required for developing countries to transition swiftly from fossil fuels to clean, renewable energy systems, or to prepare for the devastating impacts of the climate crisis, leaving them severely under-resourced. The outcome offers false hope to those already bearing the brunt of climate disasters and abandons vulnerable communities and nations, leaving them to face these immense challenges alone. We must persist in our fight, demanding a significant increase in financing and holding developed countries to account for delivering real, impactful actions,” said Harjeet Singh, Global Engagement Director, Fossil Fuel Non-Proliferation Treaty Initiative.

The text states: “Reaffirms, in this context, Article 9 of the Paris Agreement and decides to set a goal, in extension of the goal referred to in paragraph 53 of decision 1/CP.21 ($100 billion goal that expires in 2025), with developed country Parties taking the lead, of at least $300 billion per year by 2035 for developing country Parties for climate action,”

This wil be from a wide variety of sources, public and private, bilateral and multilateral, including alternative sources.

It also ” encourages developing country Parties to make contributions, including through South–South cooperation, on a voluntary basis.”