GENEVA — Two days of tense negotiations between the delegations of Calderra and Vantholm collapsed Thursday in a cascade of mutual recrimination, leaving the Global Climate Finance Summit without the binding framework its organizers had promised.

The summit, convened under the auspices of the Intergovernmental Coalition on Emissions Accountability, had aimed to finalize a multilateral accord on carbon sequestration credits and historical reparations for developing-bloc nations whose industrialization was constrained by earlier treaty obligations. Instead, delegates spent the final hours of the session disputing the wording of Annexe IV, a supplementary clause governing how carbon offset accounting would be audited across borders.

Ambassador Petra Solund of Calderra accused the Vantholm delegation of deliberately introducing ambiguity into the ratification process. “What was agreed in the plenary is not what appears in the draft annexe,” Solund said in a statement issued outside the conference chamber. “Calderra will not initial a document that undermines ten years of sequestration policy.”

Deputy Minister Raul Fenwick of Vantholm dismissed the accusation as a last-minute attempt to reopen settled provisions. “The text was circulated, reviewed, and accepted by twelve bloc members,” Fenwick said. “If Calderra has concerns, those concerns should have been raised in committee, not in the corridor on the final afternoon.”

The deadlock leaves the summit’s central ambition — a shared ledger for cross-border offset accounting — in limbo. Three smaller-bloc delegations had conditioned their ratification on the accord’s approval, meaning the collapse may ripple outward to regional agreements signed elsewhere.

Environmental observers at the summit expressed frustration. Kofi Brennan, a policy analyst with the Meridian Climate Trust, noted that the disputed annexe language had been flagged during the preparatory rounds. “This was a foreseeable impasse,” Brennan said. “Both delegations came in with domestically driven red lines and expected the other side to yield.”

No date has been set for resumed talks. A spokesperson for the coalition said a technical working group would be convened within sixty days to attempt reconciliation of the accounting language, but acknowledged that political will on both sides would need to be rebuilt before a full multilateral session could succeed.

Calderra’s parliament is scheduled to hold a ratification vote on the original framework text in six weeks. Whether that vote proceeds, and what version of the document it addresses, remains uncertain.