This Week Could See the Demise of Two Monsters

Month-Long Climate Talks Enter Critical Phase

The clock is ticking down on a month-long United Nations climate summit in Egypt, which enters its crucial second week Monday with negotiators under pressure to seal a deal on key issues like climate finance for poor nations.

The 27th annual Conference of the Parties to the UN Framework Convention on Climate Change (UNFCCC), known as COP27, began on 6 November in the Red Sea resort town of Sharm el-Sheikh.

A key sticking point has been how to compensate developing countries for the devastating impacts of climate change, a major demand of developing nations, which say they have done little to cause the problem but suffer its worst effects.

Rich Nations Resist

Rich nations have so far resisted calls for a separate fund to pay for climate-related "loss and damage", and have instead proposed expanding existing funding streams.

Another key issue is the phase down of unabated coal, the most polluting fossil fuel.

A draft agreement seen by AFP on Saturday proposed a "just and equitable transition" away from unabated coal power and phase out of "inefficient" fossil fuel subsidies, but it did not contain specific commitments.

Fossil Fuel Lobbyists

Critics have accused the Egyptian presidency of COP27 of watering down the draft text under pressure from fossil fuel lobbyists, and activists staged a protest inside the conference centre on Sunday.

The final text is due to be adopted on Friday, but it remains to be seen whether consensus can be reached on the key issues.