Demands from environmental groups and scientists that governments and companies should leave oil and gas in the ground have had less traction this year
The COP27 meeting yielded mixed results, with a hard-fought agreement on a fund for countries most harmed by climate change being welcomed by vulnerable nations, but a cover text that some officials said lacked ambition due to the influence of fossil fuel producers. The cover text summarizes key outcomes of the summit.
The COP27 agreements are in line with what came out of the Glasgow meeting last year, to accelerate “efforts towards the phasedown of unabated coal power and phase-out of inefficient fossil fuel subsidies,” rather than being strengthened to phasing down fossil fuels as some countries had pushed for. For some, the Egyptian presidency had delivered a satisfactory deal by forging the agreement to set up a loss and damage fund. The idea had been resisted for years by some of the largest emitters, such as the United States and Europe, who were worried about the extent of liabilities.
“It has now become quite clear that the transition away from fossil fuels is going to be a difficult one,” said Pakistan’s UN Ambassador Munir Akram, citing the impact of the war in Ukraine. The Egyptian presidency told Reuters the process was “praised by all parties for being focused and streamlined.”Ahead of the final plenary meeting where a deal was struck just after 5:30 a.m. local time, a Reuters reporter saw some delegates caught off guard by the presidency’s last-minute announcement of the session. Guards had to wake up some delegates sleeping on couches and chairs outside the plenary hall after 3 a.m., instructing them to go inside.
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