COP30 in Belém ended without a formal agreement to phase out fossil fuels, though delegates approved beginning negotiations to draft such a plan. Wealthy countries pledged $120 billion by 2035 for adaptation, contributing toward a $300 billion financing target; a proposed $1.3 trillion fund did not materialize. A Tropical Forest Forever Facility was created with about $6.6 billion committed, and formal phaseout talks will continue ahead of the 2026 conference in Turkey.
COP30 Ends Without Fossil-Fuel Phaseout Deal; Negotiations to Draft Plan Will Begin

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