Commodities and Futures News

First sketch of hoped-for COP27 deal kicks off crunch talks

2022.11.15 04:15



First sketch of hoped-for COP27 deal kicks off crunch talks

Budrigannews.com – Government ministers and negotiators from nearly 200 countries on Tuesday began the hard work of finding common ground at the annual U.N. climate talks for a deal based on a sketched first outline in the hands of delegates at the summit in Egypt.

Released late Monday by the Egyptian COP27 Presidency, the document lists two pages of bullet points outlining many of the issues countries have asked be included – including contentious points that have nations deeply divided.

The document is titled a “non-paper,” making clear it was far from an official draft of what might actually be approved by countries at the summit’s close, scheduled for Friday, as the core political agreement from the two-week event.

“It’s all boiling down to the last days,” EU environment policy chief Virginijus Sinkevicius told Reuters on the sidelines of the summit.

“It seems like still we are quite far from what we would love to have as an outcome, but I’m sure as more and more energy is put in, it will boil down to the last days and maybe last minutes,” he said.

A section in the draft on loss and damage – referring to funding for developing countries facing unavoidable damage caused by climate change – suggested the deal would address the “need for funding arrangements” to tackle this.

It did not, however, give any hint of whether the final deal will include a new loss and damage fund – which developing countries are demanding in the negotiations, but which the European Union and United States are wary of.

The burning of fossil fuels is the main cause of climate change, but coal, gas and oil were notably absent in the draft deal.

India surprised some countries last week by pushing for a deal at the summit to phase down all fossil fuels – rather than just coal, as countries agreed at last year’s U.N. summit. The draft COP27 text did not hint at which route the final deal will take on this issue.

The document did mention the urgent need for action to keep within reach the globally agreed goal to prevent the world heating beyond 1.5C above preindustrial levels, to avoid the worst impacts of climate change.

Tom Evans, a policy analyst at non-profit think tank E3G, said the draft text was a “wish list of items,” but it did not reveal what is likely to make it into the final deal.

“Many of the issues hinted at in this paper are under live discussion at the G20 leaders summit,” he said, adding that what Group of 20 country leaders decide during their meeting Tuesday and Wednesday in Bali on issues including phasing down fossil fuels could steer the COP27 summit’s final outcome.

For daily comprehensive coverage on COP27 in your inbox, sign up for the Reuters Sustainable Switch (NYSE:) newsletter here



Source link

First sketch of hoped-for COP27 deal kicks off crunch talks

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 74,813.04 9.03%
ethereum
Ethereum (ETH) $ 2,599.12 7.05%
tether
Tether (USDT) $ 1.00 0.12%
solana
Solana (SOL) $ 185.65 15.76%
bnb
BNB (BNB) $ 581.58 4.18%
usd-coin
USDC (USDC) $ 1.00 0.24%
dogecoin
Dogecoin (DOGE) $ 0.207589 25.36%
xrp
XRP (XRP) $ 0.534151 5.18%
staked-ether
Lido Staked Ether (STETH) $ 2,592.42 6.90%
tron
TRON (TRX) $ 0.16235 0.15%
cardano
Cardano (ADA) $ 0.36081 9.27%
the-open-network
Toncoin (TON) $ 4.79 4.17%
shiba-inu
Shiba Inu (SHIB) $ 0.000019 10.18%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,061.66 6.79%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 74,546.97 8.90%
avalanche-2
Avalanche (AVAX) $ 26.29 13.77%
weth
WETH (WETH) $ 2,597.60 7.10%
bitcoin-cash
Bitcoin Cash (BCH) $ 377.91 12.87%
chainlink
Chainlink (LINK) $ 11.77 12.32%
sui
Sui (SUI) $ 2.32 20.69%
polkadot
Polkadot (DOT) $ 4.07 6.62%
leo-token
LEO Token (LEO) $ 6.12 0.88%
usds
USDS (USDS) $ 0.985026 1.54%
uniswap
Uniswap (UNI) $ 8.94 29.61%
litecoin
Litecoin (LTC) $ 69.89 4.56%
near
NEAR Protocol (NEAR) $ 4.18 14.02%
aptos
Aptos (APT) $ 9.25 13.08%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,732.42 6.98%
pepe
Pepe (PEPE) $ 0.000009 15.96%
internet-computer
Internet Computer (ICP) $ 7.96 11.55%
bittensor
Bittensor (TAO) $ 509.97 19.59%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.38 20.59%
dai
Dai (DAI) $ 1.00 0.10%
kaspa
Kaspa (KAS) $ 0.119249 13.26%
monero
Monero (XMR) $ 158.88 0.68%
stellar
Stellar (XLM) $ 0.096682 5.75%
ethereum-classic
Ethereum Classic (ETC) $ 19.19 7.24%
ethena-usde
Ethena USDe (USDE) $ 0.999652 0.04%
whitebit
WhiteBIT Coin (WBT) $ 19.42 2.57%
blockstack
Stacks (STX) $ 1.68 12.05%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.321716 8.11%
dogwifcoin
dogwifhat (WIF) $ 2.46 20.76%
first-digital-usd
First Digital USD (FDUSD) $ 1.00 0.23%
okb
OKB (OKB) $ 38.88 4.20%
aave
Aave (AAVE) $ 153.78 17.32%
crypto-com-chain
Cronos (CRO) $ 0.081707 14.29%
filecoin
Filecoin (FIL) $ 3.63 8.59%
arbitrum
Arbitrum (ARB) $ 0.523644 8.81%
mantle
Mantle (MNT) $ 0.582472 4.90%
immutable-x
Immutable (IMX) $ 1.17 8.91%