After two weeks of talks and 24-hours of last minute haggling, a deal was reached at COP27. It will see developed countries pay into a “loss and damage” fund to compensate poorer countries suffering the worst effects of climate change. RoachSN reports.
Exhausted after two weeks of talks and 24 hours of last-ditch haggling, negotiators emerged as dawn broke in Sharm el Sheikh with a deal… of sorts.
Developing nations hailed as historic, the establishment of a so-called “loss and damage” fund to compensate poorer countries hit by climate change. But who pays and how much is still up in the air – China is unhappy at suggestions it should join developed nations in footing the bill. And with gas now potentially classed a “low emission energy” and no fresh commitments to phase out fossil fuels, Britain’s climate envoy warns the aim of limiting global warming to 1.5 degrees was on “life support”.
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COP27 ends in tears and frustration: ‘The world will not thank us’\n\t\t\tJournalists in 50+ countries follow the constant flow of money made and lost in oil & gas while\n\t\t\ttracking emerging trends and opportunities in the future of energy. Don’t miss our exclusive\n\t\t\tnewsletter, Energy Source.\n\t\t
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COP27 ends in tears and frustration: ‘The world will not thank us’\n\t\t\tJournalists in 50+ countries follow the constant flow of money made and lost in oil & gas while\n\t\t\ttracking emerging trends and opportunities in the future of energy. Don’t miss our exclusive\n\t\t\tnewsletter, Energy Source.\n\t\t
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