Is it deal or no deal at the UN Climate Change Summit?

Hello, and you're listening to the Marketplace Morning Report

live from the BBC World Service.

I'm Leanna Byrne, and thanks for tuning in.

We've come to the end of COP28, but because the other nations can't agree

on a draft deal to phase out fossil fuels, the conference has gone into overtime.

Now the United Arab Emirates, which is hosting, is set to unveil a new proposal

after it was criticized over its first draft. The BBC's Justin Rowlet is at the

summit in Dubai. The negotiations have continued through the night here, as countries that want to see a more

ambitious deal on fossil fuel tried to get tougher language into the text.

But what has become clear is that it wasn't just a couple of oil producing nations

that had doubts about the original deal.

Quite a few developing countries said they wanted more finance to help switch to clean energy and adapt to climate change.

Justin Rallard and the BBC's Mount McGrath is also there he explained the backlash to the

draft.

All the mention of phasing out essentially had gone and in their place was a list of things that countries could do, not compelled to do.

I think it's been dropped because of substantial opposition from major oil producing countries including Saudi Arabia, Iraq and

Bolivia who've all made their position very clear on this and I think from Russia as well

who've all said look we are major oil producers there's no reasonable path of

finance here to compensate us for the loss of our major production revenue.

Matt McGraw now let's do the numbers.

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