COP27 talks extended amid lack of consensus

SHARM EL-SHEIKH: The COP27 global climate summit in Egypt will continue on Saturday, adding an extra to negotiations, to allow delegates more time to agree on divisive issues such as how to compensate the poorest countries for the damage caused by climate change and how fast the world should bring down greenhouse gas emissions.

The European Union tried to break the deadlock late on Thursday, offering a new fund for loss and damage (the term used for the cost of climate change impact) in exchange for stronger ambition to mitigate emissions. Early on Friday morning, the Egyptian presidency published a draft agreement that offered no firm proposal on the first part and fell short on the second.

Delegates expect the talks to go into overtime as they strive for a last ditch compromise.

The EU proposal would include a commitment to immediately establish a new loss and damage response fund with details worked out over the next year as well as a commitment to examine debt and reform the multilateral development banks. The block wants large developing world emitters such as China to pay in. In exchange, countries would vow to peak global emissions before 2025 and phase down all fossil fuels — not just coal, which was spelled out in the Glasgow climate pact last year. “If this proposal by the European Union on the fund is to be accepted, then only in a package deal with serious, serious plans on mitigation,” EU climate chief, Frans Timmermans said. “This is our final offer.”→P5