UN climate summit hangs on money for 'loss and damage'

The first draft of COP27 text is published, and to quote The Guardian “this early draft of a potential cover decision for the Cop27 UN climate summit in Egypt, now entering its final days, is that it is a monster.” In this draft it would keep a target to limit global warming to 1.5 degrees Celsius but it has left many contentious issues unresolved ahead of a final deadline.

UN climate talks were deadlocked Thursday over calls to create a special fund to cover the losses suffered by vulnerable nations hit by natural disasters, raising the risk that negotiations could collapse. A 130-nation group known as G77+China issued a proposal to create the fund at the COP27 and agree on the nitty-gritty details at the next UN talks in Dubai in 2023.

Egypt's COP-27 president urged negotiators to speed up the pace on overcoming their differences, while poor nations slammed the draft for failing to address their need for funds to cope with damage already being wrought by climate-driven storms, droughts, and floods.

UN climate summit hangs on money for 'loss and damage'
UN climate talks were deadlocked Thursday over calls to create a special fund to cover the losses suffered by vulnerable nations hit by natural disasters, raising the risk that negotiations could collapse. A 130-nation group known as G77+China issued a proposal to create the fund at the COP27 and agree on the nitty-gritty details at the next UN talks in Dubai in 2023.

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