COP30 runs into overtime to reach deal as nations clash over fossil fuels

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🗞️ 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

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