COP27: New draft of deal released as parleys over vexing issues continue
SHARM EL SHEIKH: A new draft of the deal being discussed at the UN Climate Change Conference (COP27) in Egypt’s Sharm El Sheikh was released on the last day of the negotiations on Friday morning following overnight parleys and closed-door meetings, even as the European Union took a hard stance on various issues, including one on peaking emissions by 2025.
The new draft still has only placeholders for important agenda items such as loss and damage finance, the new collective quantified goal for finance (post-2025), and adaptation fund replenishment, indicating a lack of consensus.
Negotiations are definitely expected to spill over to Saturday and perhaps even Sunday, officials said.
India intervened to oppose what it saw as an erroneous introduction of the word “phase out of unabated coal power” in the new draft. India’s negotiator said that the country wants “a phase down of unabated fossil fuels” to be placed within the context of a global and equitable just transition with the lead taken by developed countries in accordance with equity and common but differentiated responsibility, in the context of sustainable development and eradication of poverty.”
Meanwhile, the European Union took a hard stance on Friday, and said loss and damage funding and mitigation are two sides of the same coin. EU wants a reaffirmation of the
Glasgow Climate Pact and pursuit to limit global warming to 1.5 degrees; peaking global emissions before 2025; reducing by 2030 non-carbon dioxide greenhouse gas emissions like methane; pushing all parties to urgently increase their efforts to closing the remaining mitigation gap to pathways consistent with 1.5 degrees; and accelerating the phase down of unabated coal power as soon as possible.
EU’S climate policy chief Frans Timmermans at a COP27 echoed these calls drawing a red line over the loss and damage finance facility which is being demanded by the G77 and China, least developed countries and small island states.
Vulnerable countries have said they will not leave COP27 without this loss and damage finance facility arrangement.
“We are running out of time and patience. The developed countries have failed to mobilise $100 billion but they have unlimited money for pharmaceuticals and weapons and not for loss and damage. Our need is existential and waiting for two years is untenable,” said Ralph Regenvanu, minister of climate change, Vanuatu.but, some of the elements of EU’S proposals could pose major redlines for India and most other developing countries, experts said.