Who Pays, Who Benefits Are 2 Sticking Points
Sharm el-Sheikh: Unable to find consensus over a new draft text of the COP27 outcome released on Friday morning, countries continue to be in a huddle beyond the scheduled wrap-up time of the climate conference to find some landing zones on crunch issues of loss and damage, climate finance and higher mitigation goal.
The new draft text, a condensed version of the informal document (non-paper) released a day before, calls for deep and rapid emission cuts to keep the 1.5° celsius goal alive, accelerate clean energy transition this decade and phase down unabated coal power and phase out and rationalise inefficient fossil fuel subsidies (reiteration of COP26 outcome).
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