EU, which threatened to walk away from negotiations, criticises weak outcome on key 1.5-degree ambition
The key breakthrough came on Saturday afternoon when the EU and G77 bloc of 134 developing countries agreed to a loss and damage fund under a compromise. The US and China ensured this was accepted in the final communique.
“This is a political agreement. It is not a contract. It is not a work plan. The really hard work starts when we leave Sharm-El-Sheikh, when we begin to put in place the mechanisms and the expert groups that are needed to bring this agreement to life,” Mr Ryan said. This would require changing the business models of multilateral development banks and international financial institutions, Mr Guterres said. “They must accept more risk and systematically leverage private finance for developing countries at reasonable costs.”
“All climate commitments must be transformed into real-world action, including the rapid phase out of fossil fuels, a much faster transition towards green energy, and tangible plans for delivering both adaptation and loss and damage finance. We avoided backsliding and made progress in Sharm El-Sheikh. Now leaders must stop sidestepping and fulfil their promises to safeguard a liveable future,” she said.
“Too many parties are not ready to make more progress today in the fight against the climate crisis,” he said. “There were too many attempts to roll back what we agreed in Glasgow. This deal is not enough [on cutting emissions].” “The text on energy was weakened but is at least in. 1.5 degrees was weak, and it remains on life support.”A proposal from India to stipulate the phasing down of all fossil fuels was also mauled by oil-producing countries at the talks, and watered down to a phasing down of coal, “which reflected exactly the commitment made in Glasgow”, he noted. The wording was the subject of furious discussions in the early hours of Sunday morning.
The EU proposal on loss and damage was a pivotal intervention. But after it failed to secure broad agreement, it warned on Saturday it was prepared to walk away if it did not get a good deal – raising the risk that talks would collapse. It flagged early in the day its key priority was “to keep 1.5 degree alive” by building on COP26 ambitions agreed in Glasgow.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
COP27 summit reaches deal to fund climate damagesCountries adopted a hard-fought final agreement at the COP27 climate summit early that sets up a fund to help poor countries being battered by climate disasters - but does not boost efforts to tackle the emissions causing them.
Read more »
Cop27: divisions and splits threaten deal to tackle climate crisisWorld’s poorest countries denounced rich for delaying action and refusing financial assistance to those suffering extreme weather
Read more »
Ciarán Cuffe: Global climate action is not just for COPAs COP27 closes, the Irish MEP calls for more consistent climate action.
Read more »
Cop27 draft climate deal published but gaps remainCLIMATE-UN/TEXT-COVER (UPDATE 1, TV, PIX):UPDATE 1-COP27 draft climate deal published but gaps remain
Read more »
Countries considering draft COP27 climate dealThe European Union has warned that it was prepared to walk away from climate negotiations if a satisfactory outcome could not be reached, but said it still believed a deal could be struck between negotiators at the COP27 summit in Egypt.
Read more »
Warning EU would 'walk away' from bad COP27 dealThe European Union has warned that it was prepared to walk away from climate negotiations if a satisfactory outcome could not be reached, but said it still believed a deal could be struck between negotiators at the COP27 summit in Egypt.
Read more »