COP30 Talks Resolve Finance and Fossil Fuel Deadlock

Talks at this year’s UN climate summit in Brazil are nearing an end, as the final meeting is due to begin. Fights over fossil fuels and money had deadlocked the discussions, pushing the summit past its scheduled finish.

The tentative deal comes after negotiators resolved a standoff over action to cut greenhouse gas emissions and climate finance.

The conference extended into overtime as countries worked to overcome the impasse. The final deal text has not yet been published.

The European Union agreed not to block a deal.

A closing plenary has been scheduled and any agreement will require consensus.

The deadlock centered on balancing the 2023 promise to move away from fossil fuels with the wording on climate finance flowing from developed nations to poorer ones.

The EU’s push for fossil-fuel language met resistance from the Arab Group, including Saudi Arabia.

COP30 President Andre Correa do Lago on Saturday said the presidency will publish separate “roadmaps” on fossil fuels and on protecting forests, since there was no consensus on these issues.

Countries also agreed that rich nations must triple adaptation finance for developing countries by 2035, building on a 2025 target to double it.

Nepal, participating in the summit, has been following the negotiations closely and climate finance is Nepal’s main concern. (Agencies)