COP27 enters into final day negotiations

Global climate talks have entered the final scheduled day of negotiations as chances of a deal still look unclear.

The United Nations’ Climate Change Conference (COP27) in Egypt was expected to go past its deadline on Friday and into the weekend, with rich and developing nations deadlocked over creating a fund for countries devastated by the effects of global warming.

The Egyptian presidency on Friday morning released a new, slimmer draft for an overarching cover document after a 20-page version released a day earlier had been criticised for being too long, vague and confusing.

Among some of the most pressing topics was the European Union’s proposal to tie compensation for climate disasters to tougher emissions cuts, two of the thorniest issues at the meeting.

The two-pronged approach from the 27-nation EU would create a pot of money for poor countries and push for steeper cuts of heat-trapping emissions by all countries, as well as the phasing out of all fossil fuels, including natural gas and oil.

EU climate chief Frans Timmermans said the bloc’s proposal on funding for loss and damage and mitigation was “a final offer” that sought to “find a compromise” between countries.

In climate negotiations, loss and damage refers to the idea that rich nations, which have historically done the most to contribute to climate change, should compensate the developing countries most affected.

Mitigation refers to efforts to slow global warming, like drastically reducing emissions of greenhouse gases.