At the UN COP30 summit in Belém, Brazil, European Union climate chief Wopke Hoekstra firmly dismissed the possibility of revisiting financial commitments or engaging in what he termed a ‘phony conversation about trade measures.’ This statement came shortly after Brazil, the host nation, unveiled a preliminary draft agreement following intense overnight negotiations. The nine-page document, titled ‘Global Mutirao,’ encapsulates a range of proposals on contentious issues such as trade measures, climate finance for developing nations, and the global inadequacy of carbon reduction targets. Despite the draft’s broad scope, it underscores the persistent divisions among nearly 200 participating nations. Hoekstra emphasized that the EU would not reopen last year’s hard-fought compromise on financing, signaling a firm stance on maintaining existing agreements. The draft proposes several options, including an optional workshop on low-carbon solutions and a high-level ministerial roundtable to address fossil fuel dependency. Additionally, it suggests tripling financial aid from wealthy nations to developing countries by 2030 or 2035, a key demand from poorer nations. On trade, the draft outlines four proposals, including a potential UN summit to address climate-related trade disputes. Observers noted that the swift release of the draft indicates the COP30 presidency’s confidence in reaching a resolution soon. However, the stark divide between nations advocating for a fossil fuel phase-out roadmap and oil-producing countries opposing such measures remains a significant hurdle. The summit is scheduled to conclude on Friday, though past climate talks have often extended beyond their official deadlines.