The Sharm El Sheikh draft

Highlights of the latest draft of the COP27 climate deal

FOSSIL FUELS

The

draft is quiet on phasing down or phasing out of fossil fuels, but calls upon parties to accelerate the development of technologies to transition to low-emission energy systems

LOSS AND DAMAGE

In a watered-down text after rich countries intervened, the draft said the summit would agree to launch a new fund for responding to loss and damage

CLIMATE FINANCE

The draft states that about $4 trillion per year needs to be invested in renewable energy till 2030 to reach net zero emissions by 2050

The

draft says effective climate action should be implemented in a manner that is just and inclusive while minimising negative social impacts