Oil-rich nations shaped the UN climate conference in Bonn, leaving deal hopes 'held hostage'

At the UN SB62 intermediate climate negotiations in Bonn, a coalition of oil-rich nations (Saudi Arabia, Russia, Venezuela, the UAE, Iran and Algeria) is reported to have substantially delayed proceedings. The negotiating sessions in particular blocked progress on "the global stocktake of greenhouse gases" and "the transition away from fossil fuels". Climate Action Network coordinator Tasneem Essop told Euronews: "The negotiations were taken hostage by oil-rich nations; no concrete timeline could be set."

Brazilian Environment Minister Marina Silva said: "COP31 will be held under Brazilian presidency; the Bonn process did not produce the momentum we wanted." Delegations from Latin America and the Caribbean held a regional coordination meeting in Bonn on how to preserve emission-reduction commitments through the remaining negotiations. The Venezuelan and Saudi delegations made no comment.

From Brussels, EU climate commissioner Wopke Hoekstra said "all parties must show resolve" ahead of COP31 in Belém in November. Oil markets reacted little to the news, with Brent closing at $78.30 a barrel. The Brazilian real held at 5.12 against the dollar to close the day unchanged.