COP27 nears breakthrough on climate finance, GHGs remain sticking point

On Saturday, negotiators at the COP27 climate meeting in Egypt came close to reaching a breakthrough agreement for a fund to aid poor countries suffering from the effects of climate change, but they couldn’t agree on how to cut the greenhouse gas emissions that were causing them. 

Representatives from over 200 nations were eager for a deal they could bill as a step forward in the fight against climate change, with the final climate accord already more than a day delayed. 

“We have to be fast here now, but not fast towards a bad result. Not fast in terms of accepting something that we then spend years regretting”, said Ireland’s environment minister, Eamon Ryan.

Ministers from the regional bloc are ready to “walk away,” according to Frans Timmermans, the head of the European Union’s climate policy if the agreement is not adequately ambitious. 

The conclusion of the two-week summit in the tourist destination of Sharm el-Sheikh will test how serious the world is about combating global warming, despite the fact that a conflict in Europe and extreme consumer inflation are diverting attention. 

A draft agreement from the COP27, which was released on Saturday, maintained prior commitments to keep global warming below 1.5 degrees Celsius in order to avert the worst effects of climate change, but it provided little evidence of new ambition to make the necessary emission reductions.

(with inputs from agencies)

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