India opposes new climate finance goal at COP29 in Azerbaijan

At COP29 in Azerbaijan, India was the first to oppose a new climate finance goal of $300 billion annually by 2035 for developing countries. India and other nations criticized the amount, which falls short of the $1.3 trillion they sought. The conference adopted a carbon credit deal, allowing India to establish a carbon market by 2027. However, Indian negotiators expressed concerns that the agreement does not adequately address climate challenges and may lead to issues with carbon credit quality. Developing countries raised concerns about trade barriers imposed by developed nations, particularly regarding carbon taxes. The UN climate body agreed to include discussions on these trade issues in future agendas, with the next meeting set for Belem, Brazil.