COP27 DEAL

and recognizing the need for support towards just transitions.”

There was, however, no mention of gas and oil – fuels that rich countries use and the ones India wanted included – in the text.

On climate finance, the draft text hit out at the “lack of ambition” in raising adequate climate finance by developed parties. “Notes with concern the growing gap between the needs of developing country parties, in particular due to the increasing impacts of climate change and increased indebtedness, and the support provided and mobilised to complement their efforts to implement their nationally determined contributions, highlighting that current estimates of such needs are in the scale of 5.6 trillion USD up to 2030, while the global annual flows to developing countries”, it notes, is 31–32% of the annual investment needed.

The text also expresses grave concern that the goal of developed country parties to mobilise jointly USD 100 billion per year by 2020 has not yet been met and urged them to meet the goal and address the shortfall to USD 100 billion since 2020.

In one of the contentious domains, Loss and Damage funding, which involves a financing mechanism to aid countries suffering climate crisis impact like flooding and droughts, there was no text. HT reported on Wednesday that rich nations are attempting to cast the funding net on India and China, classifying them as “emerging economies” and major polluters who need to do more.

Overall, the cover decision encourages wealthy countries to increase support and align funding flows with the 1.5°C goal.

This is not the final text and it may change significantly. Egypt being a developing country itself has been trying to reflect the concerns of developing country groups.

“The Paris Agreement says in black and white. Under Article 2, it states that the entire Paris Agreement should be guided by based on equity and common but differentiated responsibilities. This is a conversation that takes place every year. We are patrons at this time and we are trying to find a common ground. We will have to find the right language to accommodate differentiation. We are aware of the various positions and we are working now to accommodate the parties’ views but also the legal agreement that we ratified together,” Egypt’s COP27 ambassador Wael Aboulmagd said.

Negotiators said the task to find consensus will be difficult.

“It’s going to be quite a long and difficult journey to the end of this process,” European Union climate policy chief Frans Timmermans told a news conference. “Today, I’m afraid I’m not sure yet where these talks will land.”

“If this COP fails, we all lose.”

ON CLIMATE FINANCE, THE DRAFT TEXT HIT OUT AT THE “LACK OF AMBITION” IN RAISING ADEQUATE CLIMATE FINANCE BY DEVELOPED PARTIES