Oil-producing countries have once again pushed their agenda in global climate talks. The latest draft agreement from COP30, presented on the last day of the summit, removes any mention of phasing out fossil fuels.
This issue was one of the most divisive aspects of this year’s summit, held over two weeks in Belem, Brazil, near the Amazon.
Earlier versions of the text included several alternatives for reducing hydrocarbon use.
Many countries, including Germany, Kenya, and vulnerable island states, pushed for a specific ‘roadmap’ to fulfill COP28’s commitment to a ‘gradual reduction’ in fossil fuel use.
Although oil, coal, and natural gas are major drivers of climate change, COP28 was the first time there was an explicit mention of fossil fuels after 30 years of negotiations.
This year, however, Saudi Arabia and other oil-producing countries refused to discuss a roadmap, according to officials who spoke to Reuters. In the text presented by the Brazilian presidency early Friday morning, any mention of fossil fuels was removed.
The draft, which can still change, requires unanimous approval from nearly 200 countries to be finalized.
On Thursday, the summit’s presidency met with key negotiating blocs after a fire broke out at the venue, temporarily halting discussions. Although COP30 is scheduled to end on Friday, it might continue into the weekend, as often happens.
Funding and Trade Policies
The new text calls for tripling funding by 2030 for helping poor countries adapt to climate change impacts compared to 2025 levels. However, it doesn’t clarify whether these funds will come from government financing or other sources—a point likely to upset poorer nations.
Investments in adaptation projects, like strengthened infrastructure against extreme weather events, are crucial but often yield low returns, discouraging private sector involvement.
Additionally, the plan proposes that the next three COPs will include discussions on international trade’s role in climate change with the World Trade Organization’s involvement. This discussion is a long-standing demand from countries like China but may pressure the EU due to its carbon border tax often being targeted.
