The COP27 climate summit has ended with a landmark deal to fund countries hit by severe impacts from climate change – but the package agreed in Egypt fails to accelerate plans to cut emissions and phase out fossil fuels.
On 18 November, the EU’s climate policy chief Frans Timmermans told reporters the bloc was willing to reverse its position and support the creation of a loss and damage fund. Observers said the move marked a breakthrough that ultimately paved the way for the final deal.
“We need to move forward, not backwards and all [EU] ministers… are prepared to walk away if we do not have a result that does justice to what the world is waiting for – namely that we do something about this climate crisis,” he told reporters at the summit. He expressed disappointment that the final agreement did not include any references to peaking global emissions before 2025, further action on phasing down the use of coal and the phasing out of fossil fuels.
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