COP30 Delivers Major Finance Deal but Sidesteps Fossil Phaseout

Civil Society Actions

In a pivotal outcome at COP30 in Belém, Brazil, countries agreed on a sweeping package to scale up climate finance and accelerate implementation of the Paris Agreement — but without a clear commitment to move away from fossil fuels.

“A new economy is rising, while the old polluting one is running out of road.”

That was the message from UN climate chief Simon Stiell as COP30 wrapped up following marathon talks on Friday night that stretched into sunrise on Saturday — signalling a turning point for climate ambition and global solidarity.

What was decided:

Finance at scale: Mobilise $1.3 trillion annually by 2035 for climate action.

Adaptation boost: Double adaptation finance by 2025 and triple by 2035.

Loss and damage fund: Operationalisation and replenishment cycles confirmed.

New initiatives: Launch of the Global Implementation Accelerator and the Belém Mission to 1.5°C.

Climate disinformation: Commitment to promote information integrity and counter false narratives.

The final decision emphasises solidarity and investment, setting ambitious financial targets while leaving energy transition issues for later discussion. Fossil fuel burning remains the largest driver of global warming, making the omission concerning for many nations, including negotiators from South America, the EU, and civil society groups.

Expectations were high that COP30’s final decision would include explicit language on phasing out fossil fuels. More than 80 countries backed Brazil’s proposal for a formal “roadmap.” A draft text had included it — until the final hours. The adopted version refers only to the “UAE Consensus,” the COP28 decision calling for “transitioning away from fossil fuels.”

Before the final plenary, Brazilian scientist Carlos Nobre issued a stark warning: fossil fuel use must fall to zero by 2040–2045 to avoid catastrophic temperature rises of up to 2.5°C by mid-century. Such a scenario, he said, would bring near-total loss of coral reefs, the collapse of the Amazon, and accelerated melting of the Greenland ice sheet.

A closer look

After two weeks of intense negotiations, the adopted text calls for mobilising at least $1.3 trillion per year by 2035 for climate action, tripling adaptation finance, and operationalising the loss and damage fund agreed at COP28.

It also launches two major initiatives — the Global Implementation Accelerator and the Belém Mission to 1.5°C — to help countries deliver on their nationally determined contributions (NDCs) and adaptation plans.

For the first time, the decision acknowledges the need to tackle climate disinformation, pledging to promote information integrity and counter narratives that undermine science-based action.

Last week, Brazil’s President Luiz Inácio Lula da Silva opened the summit declaring it would be known as “the COP of truth.” The final decision marks a significant step toward safeguarding public trust in climate policy — even as the absence of fossil fuel phaseout language underscores the difficulty of energy negotiations.

Two new roadmaps

In the closing meeting, COP30 President André Corrêa do Lago acknowledged the gaps.

“We know some of you had greater ambitions for some of the issues at hand,” he said. “I know the youth and civil society will demand more. I will try not to disappoint you during my presidency.”

Reflecting on President Lula’s call for ambition, he announced plans to create two roadmaps:

One to halt and reverse deforestation.

Another to transition away from fossil fuels in a just, orderly, and equitable manner.

The road to consensus

Reaching agreement at this Conference of the Parties was far from smooth. Indigenous groups staged blockades demanding stronger protections for the Amazon, and a fire at the venue on Thursday disrupted negotiations at a critical moment.

Delegates worked throughout Friday night to bridge gaps on finance and ambition, with Brazil’s presidency steering talks toward a politically workable outcome focused on implementation of past COP commitments.

‘Multilateralism is alive’

From the G20 Summit in Johannesburg, UN Secretary-General António Guterres sent a message of support. He said COP30 proved nations can still unite to confront global crises.

He highlighted progress such as the Global Implementation Accelerator and the reaffirmation of the UAE Consensus, including commitments toward a just transition away from fossil fuels.

“But COPs are consensus-based — and in a period of geopolitical divides, consensus is ever harder to reach. I cannot pretend COP30 has delivered everything needed.” He warned that overshooting 1.5°C demands rapid emission cuts and massive climate finance. “COP30 is over, but the work is not,” he said.

Holding the line at 1.5°C

UN climate chief Simon Stiell pointed to major gains: new strategies to accelerate Paris Agreement implementation, a push to triple adaptation finance, and new commitments toward a just energy transition.

Despite what he called “turbulent geopolitical waters,” 194 nations stood together, “keeping humanity in the fight for a livable planet, determined to hold the line at 1.5°C.”

At the centre of COP30’s momentum is the Mutirão text, a sweeping deal bundling four contentious negotiation tracks — mitigation, finance, trade barriers, and implementation — into a single consensus-based agreement. Seventeen additional decisions were adopted.

The final document declares that the global shift toward low-emissions, climate-resilient development is “irreversible.” It reaffirms that the Paris Agreement is working — but must “go further and faster,” strengthening multilateral climate cooperation.

It also highlights the economic and social benefits of climate action, from job creation to improved energy access and public health. Stiell noted a key trend: investments in renewables now outpace fossil fuels two to one — “a political and market signal that cannot be ignored.”

A robust action agenda

The Brazilian presidency underscored that COP30’s impact goes beyond negotiated deals, highlighting voluntary commitments under the Action Agenda, including:

Tropical Forests Forever Fund: $5.5 billion raised; 53 countries participating; 20% of funds go directly to Indigenous Peoples and local communities.

Belém Health Action Plan: First global initiative targeting climate-related health threats, launched with $300 million from 35 philanthropic organisations.

UNEZA Alliance: Public utilities pledged $66 billion annually for renewable energy and $82 billion for transmission and storage.

Cities, regions and companies: A coalition of 25,000 buildings reported reducing 850,000 tonnes of CO₂ in 2024.

Climate justice at the forefront

Countries also agreed to develop a just transition mechanism to enhance cooperation, technical support, and capacity-building.