COP27 talks: No consensus on climate finance

Unable to find consensus over a new draft text of the COP27 outcome released Friday, countries continued 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. Reference to India’s pitch on phasing down all fossil fuels continues to be missing.

- Vishwa.Mohan @timesgroup.com

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).