A chaotic UN climate summit in Egypt has produced a groundbreaking agreement for wealthy industrial countries to compensate poor nations for the ravages of climate change, but the talks failed to strengthen commitments to curb the use of fossil fuels.
But the U.S. dropped its stance in the face of steadfast opposition from the major alliance of developing countries, and after a change of heart by the EU.The COP27 agreement among almost 200 countries in Sharm el-Sheikh, Egypt leaves most details to be filled in during subsequent rounds of fraught negotiations. For example, the text lacks targets for how much money should be provided in the climate damage fund for poor nations.
The agreement omits calls to phase down the use of all fossil fuels, rebuffing India, the EU, the U.S. and other nations pushing for this language. The world has already warmed by an average of about 1.2°C. Current emissions and policies put the globe course to, but studies show that the odds of potentially catastrophic consequences increase significantly once warming exceeds 1.5°C.
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