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COP30 Closes With Finance Boost but No Fossil-Fuel Roadmap

Petrostate resistance forced a fragile compromise focused on adaptation finance.

Overview

  • Delegates adopted an overtime deal in Belém that omits any reference to fossil fuels and contains no negotiated phaseout roadmap.
  • Brazil’s COP30 presidency will issue separate, nonbinding roadmaps on transitioning away from fossil fuels and on forests, outside the consensus text.
  • The package urges wealthy nations to triple adaptation finance by 2035 to about $120 billion a year, a slower timeline than vulnerable countries sought and without clear funding sources.
  • Several delegations, including the EU, Colombia and Panama, objected to the weak fossil-fuel language, while Saudi Arabia, Russia and India led resistance; the EU weighed a walkout before backing a tweaked deal.
  • The talks underscored strains in the process, with the United States absent, Indigenous protests and a venue fire disrupting proceedings, contentious trade language over the EU’s carbon border levy, and only voluntary initiatives on a just transition and implementation.