An international deal to end fossil fuels may hinge on how much rich nations are really willing to pay for it. The U.N. climate summit is now stretching into overtime, with world leaders working late into the night in Dubai, United Arab Emirates, to hammer out a deal to slow the worsening climate crisis. A draft agreement released Monday fell far short of demands from many countries to “phase out” fossil fuels. POLITICO’s Karl Mathiesen reports that climate financing could become a major issue as the United States and Europe press poorer countries to get behind stronger language in a final deal. Monday’s draft only calls for reducing oil and natural gas — text environmental protesters called “bullshit” and even U.S. climate envoy John Kerry criticized behind the scenes. Developing nations have long expressed frustration that the U.S. and other wealthy countries have not offered more aid to help them weather climate-fueled disasters. Some poorer countries are also dependent on their fossil fuel reserves to boost national wealth, meaning a deal to phase out those fuels would slash their income. Additional aid could be a carrot to persuade some holdouts to agree to the tougher language on the production and burning of coal, oil and natural gas, by far the biggest sources of climate pollution, Karl reports. The world has already warmed as much as 1.3 degrees Celsius, prompting scientists to warn in a recent report that the planet is hurtling toward catastrophic “tipping points.” But a resolution is still nowhere in sight as Dubai heads into the wee morning hours. Representatives speaking on behalf of China, India and several other countries have said they would not accept any deal that includes a “phase-out” or “phase-down” of coal, oil or gas. Money talks Speaking to reporters Tuesday night, Canadian Environment Minister Steven Guilbeault said wealthy nations “all recognize we need to do more when it comes to financing.” At the beginning of the U.N. summit, the U.S. pledged $3 billion to help nations adapt to climate change and reduce emissions. But such promises have a rocky track record. Rich nations did not keep a previous promise to fund $100 billion a year in climate finance by 2020, undermining trust. Negotiators likely won’t release new draft text until tonight or tomorrow. Late Tuesday night, staff were seen rushing bags of KFC into the offices where the United Arab Emirates — the oil-rich country hosting the climate talks — prepared for an intense night of talks. Earlier, Kerry indicated that negotiators were seeing some movement. Asked if a new draft deal exists that is stronger than Monday’s version, Kerry said “Yes, it is” — and sped away on a golf cart.
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