COP30 closes with deal on climate finance

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illuminem summarises for you the essential news of the day. Read the full piece on The Hill or enjoy below:

🗞️ Driving the news: Countries concluded COP30 in Belém, Brazil with an agreement to significantly scale climate finance, committing to mobilise at least $1.3 trillion per year by 2035 to support developing nations
• The final text also calls for tripling global adaptation finance to help vulnerable countries cope with intensifying climate impacts
• However, the deal drew criticism for omitting any reference to phasing out fossil fuels, a key demand from many governments and civil society groups

🔭 The context: COP30 unfolded amid global economic uncertainty, mounting extreme weather losses, and heightened geopolitical tensions
• Developing countries — already facing disproportionate climate impacts — have long argued that existing funding remains insufficient and unpredictable
• Expectations for stronger commitments were high, particularly after last year’s agreement to establish a new loss and damage fund
• The absence of the United States from this year’s negotiations further complicated diplomacy and reduced momentum around fossil fuel commitments

🌍 Why it matters for the planet: The scaled-up finance pledge could unlock essential resources for resilience, clean energy deployment, and climate-proof infrastructure in regions most exposed to climate risks
• Yet without a collective commitment to reduce fossil fuel production and consumption, global emissions trajectories remain off track
• The funding boost may improve adaptation capacity, but the lack of mitigation ambition risks deepening the long-term climate burden for developing economies

⏭️ What’s next: Attention now shifts to implementation: defining burden-sharing, ensuring predictable funding streams, and aligning national plans with the 2035 target
• Pressure will intensify ahead of COP31 as countries revisit unresolved issues on fossil fuel transition, accountability, and long-term finance architecture

💬 One quote: “Petrostates … are doing everything they can to stop the world from making progress,” warned former U.S. Vice President Al Gore.

📈 One stat: The deal commits to $1.3 trillion annually by 2035, the largest targeted climate finance scale-up to date

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