COP27 nears breakthrough on climate finance in scramble for final deal

Sharm El-Sheikh, Egypt, Nov 19 (Reuters/GNA) – Countries were considering a draft for a final COP27 climate deal on Saturday, with some negotiators saying they were close to a breakthrough in contentious efforts to compensate poor nations already burdened by costly climate impacts.

The U.N. climate agency released a new draft of the so-called cover decision on Saturday, but it was not immediately clear if all 197 governments at this year’s summit would back it.

Hours earlier, officials from the 27-country European Union said they were ready to walk away from the talks if the deal did not advance efforts to curb global warming by requiring that countries take more ambitious action in cutting greenhouse gas emissions.

“We’d rather have no decision than a bad decision,” EU climate policy chief Frans Timmermans said.

He expressed concern that some countries were resisting efforts to agree on bolder emissions cuts in this decade. He did not name the countries.


Credit: Reuters