· 2 min read
⭐ Join our community and access the best we offer!
🔦 Navigate COP30 unmissable events with our Insider's Guide
illuminem summarises for you the essential news of the day. Read the full piece on France24 or enjoy below:
🗞️ Driving the news: COP30 in Belém has extended beyond its Friday deadline, as nations struggle to agree on a draft deal
• The key sticking point remains the omission of any fossil fuel phase-out, with the EU and 36 countries warning they will reject a deal without clear commitments to reduce reliance on coal, oil, and gas
• The negotiations are also complicated by disagreements over climate finance and trade measures like the EU's carbon tax on imports
🔭 The context: The fossil fuel dispute arises from frustrations over COP28’s vague promises to transition away from carbon-intensive energy
• At COP30, major oil and gas producers like Saudi Arabia and Russia, along with several emerging economies, have opposed stronger language on fossil fuels, citing concerns over energy security and economic impact
• The EU’s proposed carbon tax is also facing resistance from China and India
🌍 Why it matters for the planet: A lack of clarity on fossil fuel reductions risks undermining global efforts to meet climate goals, particularly the 1.5°C target
• Without decisive action on emissions and financial support for developing nations, the momentum for global climate cooperation could falter, delaying crucial transitions to a sustainable, low-carbon economy
⏭️ What’s next: Brazil faces pressure to revise the draft to include clearer pathways for phasing out fossil fuels and ramping up climate finance
• Negotiations are expected to continue into the weekend, with the focus on finding a balance between ambitious climate commitments and ensuring fairness for developing countries
💬 One quote: “What is now on the table is clearly no deal.” — Wopke Hoekstra, EU Climate Commissioner
📈 One stat: The $300 billion in annual climate finance pledged at COP29 remains central to ongoing disputes over adaptation and developing nations' needs
Explore carbon credit purchases, total emissions, and climate targets of thousands of companies on Data Hub™ — the first platform designed to help sustainability providers generate sales leads!
Click for more news covering the latest on ethical governance and climate change
