Total’s oil drilling rig at work in BuliisaThe UN Climate Change Conference (COP30), which has been taking place in Brazil, came to an end on early Saturday, after two weeks of negotiations about curbing global warming.While climate activists return to their countries disappointed, Uganda and other emerging oil and gas developers return with some smiles after the negotiators failed to include the phase-out of oil and gas production.Uganda’s delegation, led by the State Minister for Environment, Beatrice Anywar, went to Brazil with a clear position that Uganda’s primary interest in the COP30 session should be to eliminate any text containing an unbalanced socio-economic justification of transitioning from fossil fuels from the final decision.“If deletion is not achievable, the fallback should be to negotiate for an inclusion option of negative impacts posed on economies of new fossil fuel producers alongside the socio-economic opportunities of transitioning away from fossil fuel,” reads part.This is confirmed from the final text released by the COP30 presidency, circulated by the UN Framework Convention on Climate Change (UNFCCC).The 55-page Global Climate Action Agenda at COP 30 Outcomes Report indeed does not mention a phase-out of fossil fuels.Uganda was negotiating as part of the Least Developed Countries Group (LDC) and the G77and China was strategically demanding equity, transition support, and transition policy flexibility that is country-determined and non-prescriptive.“If parties find it unacceptable, Uganda should negotiate for its support, or better still, option three of no text on this. Uganda should advocate for the Just Transition Work Programme (JTWP). Just Transition Work Programme is an initiative of the United Nations Framework Convention on Climate Change (UNFCCC) that aims to promote pathways that ensure that the goals of the Paris Agreement are achieved justly and equitably.”At COP30, 29 countries were pushing for a phase-out of fossil fuels. The document also does not mention fossil fuels.At COP 28 in Dubai, governments took a historic step toward adding more substance to the goals of the Paris Agreement by committing to transition away from fossil fuels in energy systems in a just, orderly, and equitable manner.Two years later, that promise hangs in the balance. Current production plans would see countries extracting over 120% more fossil fuels by 2030 that is consistent with limiting global warming to no more than 1.5°C above pre-industrial levels.No progress was made on the “transitioning away” agenda at COP 29, but in July 2025, the advisory opinion of the International Court of Justice confirmed that fossil fuel expansion, including by subsidizing fossil fuels, can be in breach of international law.As clean energy development reshapes markets, corroding fossil fuel demand, fossil fuel-producing countries that fail to diversify their economies are increasingly exposed to both legal risks and market shocks.Uganda is expected to produce its oil in mid-2026. Uganda’s recoverable oil increased from 1.4 billion to 1.65 billion barrels.The outcome from COP30 means that Uganda and others can continue developing their oil and gas deposits. There were other gains in terms of financing towards clean energy, as outlined in the outcomes report.These include funding from the Utilities for Net Zero Alliance (UNEZA) – a coalition of the world’s leading utilities established at COP 28.It raised its annual investment target to USD 148 billion, up nearly 30% from USD 117 billion announced just last year.UNEZA members pledged to invest USD 66 billion per year in renewables and USD 82 billion in grids and storage, unlocking renewable integration, flexibility, and reliability.UNEZA members further state that it will invest around USD 1 trillion to expand clean energy, modernize global power grids, and deploy energy storage by 2030. The Asian Development Bank and World Bank announced USD 12.5 billion in combined financing to strengthen the ASEAN Power Grid.The Global Grid Catalyst (GGC) announced that it will mobilize up to USD 7 million to catalyze financing for new grid and storage projects starting in 2026, alongside an additional USD 2 million dedicated to an incubation fund to accelerate grid innovation.There was a launch of the Belem Declaration for Green Industrialization to usher in a new era of green growth.The initiative is being driven by a core group of countries, including Brazil, the United Kingdom, and South Africa, with support from UNIDO, as well as industry and research partners.By creating a mechanism to align initiatives, track progress, and coordinate priority actions, the Belém Declaration establishes green industrialization as a global priority.It also positions developing countries at the forefront of building clean industries – from green steel to solar PV cells.New analysis released ahead of COP 30 by the Mission Possible Partnership reveals that globally USD 140 billion in finance for clean industrial projects is nearing final investment decisions, and 1,000 commercial-scale plants are now planned or operational.The same report finds that over a third of new projects identified are located in Emerging Markets and Developing Economies, representing a USD 2 trillion investment opportunity.-URNThe post Boost For Uganda As COP30 Ends Without Fossil Fuels Phase Out Clause appeared first on Business Focus.