COP30: Climate Cash Up, Fossil Fuels Stay
The COP30 climate summit in Belém, Brazil, concluded with a landmark agreement to mobilize $1.3 trillion annually for climate action by 2035 and triple adaptation finance, but notably lacked a clear commitment to phase out fossil fuels. This significant omission, largely due to opposition from petrostates, sparked widespread criticism, leading the Brazilian presidency to announce plans for voluntary roadmaps to address the fossil fuel transition outside formal negotiations.