The United Nations on Saturday released an updated draft of the proposed climate summit agreement in Egypt. It does not mention the need to phase out all fossil fuels, which is one of the key demands this year, and repeats the language of the Glasgow Coal Pact. But negotiators said they had reached a tentative agreement to create a fund to deal with loss and damage, a term used for the irreparable destruction caused by climate change disasters.
The success of the negotiations depends on a separate loss and damage fund, which is the primary demand for COP27 from developing countries. However, the deal is part of a wider agreement and must be voted on by negotiators from nearly 200 countries. Presidency consultations on the provisional agreement were scheduled for 18:30 (Egypt time), meaning that the final plenary session is now likely to take place on Sunday morning.
Experts said the text’s no mention of oil and natural gas – which developed countries depend on – is not in the interest of climate action and makes it easier for the fossil fuel lobby to push ahead. They expected COP27 to deliver a better report. The overarching decision document omits India’s call to phase out all fossil fuels and not just coal. Instead, it refers to phasing out undiluted coal power and phasing out inefficient fossil fuel subsidies, making no progress since the deal struck a year ago.
Experts said it was surprising that the call to phase out all fossil fuels, the second most discussed new element of the COP, did not find a place in the draft text despite most developing countries and some developed countries, including the US and the EU. support it. The document reaffirms the Paris Agreement’s temperature target of keeping global average temperature increases well below 2 degrees Celsius above pre-industrial levels and continuing efforts to limit temperature increases to 1.5 degrees Celsius above pre-industrial levels – the same language used in last year’s deal in Glasgow, United Kingdom kingdom.
Experts said it was ironic that rich countries that claim to be fighting to “keep 1.5 degrees Celsius alive” have plans to massively expand oil and gas production. This year’s climate talks are being held in the shadow of Russian aggression in Ukraine and the related energy crisis, which has strained countries’ ability to rapidly tackle climate change. A successful outcome will strengthen global resolve to combat climate change.
