Oil-producing countries have made their position clear in the latest climate talks. The new draft agreement from COP30, shared on the last day of the summit, takes out any mention of phasing out fossil fuels.
This topic was one of the biggest debates at this year’s summit, which took place over two weeks in Belem, Brazil, close to the Amazon.
A previous version included different options for cutting back on hydrocarbon use.
Many nations, like Germany, Kenya, and vulnerable island states, wanted a clear ‘roadmap’ to follow COP28’s promise for a ‘gradual reduction’ in fossil fuel use.
Even though oil, coal, and natural gas are key players in climate change, COP28’s agreement was the first time fossil fuels were 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 spoke to Reuters. In the text shared by the Brazilian presidency early Friday morning, all mentions of fossil fuels were taken out.
The draft can still change but needs unanimous approval from nearly 200 countries to be finalized.
On Thursday, the summit presidency talked with key negotiating groups after a fire broke out at the venue, briefly stopping discussions. Although COP30 is set to wrap up on Friday, it might go into the weekend as it often does.
Funding and Trade Policies
The new text aims to triple funds by 2030 to help poorer countries adapt to climate change impacts compared to 2025 levels. However, it doesn’t specify if this money will come from government funding or other sources—something that may frustrate poorer nations.
Investments in adaptation projects, like better infrastructure for extreme weather events, are important but often don’t bring high returns. This can make private sector involvement less appealing.
Additionally, the plan suggests that during the next three COPs, there will be talks about international trade’s role in climate change with input from the World Trade Organization. This discussion has been a long-standing request from countries like China but could put pressure on the EU due to its carbon border tax being frequently targeted.
