Global Climate Summit Reaches Historic Agreement

Nations have agreed to phase out fossil fuel subsidies by 2030 at the UN Climate Summit in Geneva, marking the most significant climate commitment since the Paris Agreement.

The deal, secured after 48 hours of tense negotiations, binds 195 countries to redirect an estimated $7 trillion in annual subsidies toward renewable energy infrastructure. Developing nations secured $100 billion in annual transition funding.

UN Secretary-General António Guterres hailed the agreement as "a lifeline for our planet," while climate activists cautioned that implementation remains the true test.

US Climate Envoy John Kerry called it "the end of the fossil fuel era," though several major oil-producing nations secured concessions on natural gas classification.

Markets responded immediately, with renewable energy stocks surging 12% in after-hours trading.