Oil-producing countries have made their point clear in the latest climate talks. The new draft agreement from COP30, shared on the last day of the summit, has dropped any mention of phasing out fossil fuels.
This topic was a major sticking point at this year’s summit, which took place over two weeks in Belem, Brazil, close to the Amazon.
A previous version of the text included various ideas for cutting down on hydrocarbon use.
Many nations, including Germany, Kenya, and vulnerable island countries, wanted a clear ‘roadmap’ to follow COP28’s promise for a ‘gradual reduction’ in fossil fuel use.
Even though oil, coal, and natural gas significantly contribute to climate change, COP28 was the first time fossil fuels were explicitly mentioned after 30 years of talks.
This year, however, Saudi Arabia and other oil-producing nations refused to discuss a roadmap, according to officials who talked to Reuters. In the text shared by the Brazilian presidency early Friday morning, all mentions of fossil fuels were removed.
The draft can still be changed and needs unanimous approval from nearly 200 countries to be finalized.
On Thursday, the summit’s presidency met with major negotiating groups after a fire broke out at the venue, briefly stopping discussions. Although COP30 is set to wrap up on Friday, it might carry on into the weekend, as often happens.
Financing and Trade Policies
The new text aims to triple funding by 2030 for helping poorer countries adapt to climate change compared to 2025 levels. However, it doesn’t specify if this money will come from government sources or elsewhere—something likely to upset poorer nations.
Investments in adaptation projects, like better infrastructure for extreme weather events, are important but often don’t offer high returns. This makes private investors hesitant.
Moreover, the plan suggests that in the next three COPs there will be talks about international trade’s role in climate change with input from the World Trade Organization. This has been a long-standing request from countries like China but could put pressure on the EU due to its carbon border tax often being criticized.
