COP27 READIES FRESH DRAFT AFTER HECTIC OVERNIGHT TALKS

SHARM EL SHEIKH: A new draft of the deal being discussed at the UN Climate Change Conference in Egypt’s Sharm El Sheikh was released on the last day of 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 expected to spill over to Saturday and perhaps even Sunday.

India intervened to oppose what it saw as an erroneous introduction of the word “phase out of unabated coal power” in the new draft.