Negotiators at the United Nations are advancing proposals for a global tax treaty that could require major fossil fuel companies and the ultra-wealthy to pay for climate damages and support resilience funding — a contentious move reflecting rising global climate accountability demands.

A new UN Global Environment Outlook report estimates $5 billion in environmental damage every hour from food and fossil-fuel production, urging a fundamental reset of how the world prices risk, allocates capital and designs policy.

COP30 concludes with a last-minute agreement referencing the UAE consensus, acknowledging a transition away from fossil fuels while leaving key commitments voluntary and undefined.