Global Climate Deal

The latest global climate summit has failed to even mention the reduction of fossil fuel usage, a key demand from India, in the final agreement text at Egypt

A formal draft of an UN summit's climate deal that came out on Friday makes no mention of India's call for phase down of all fossil fuels. The draft showed little progress on key issues like loss and damage funding, adaptation fund replenishment and a new collective quantified goal on climate finance. It also omits references to the need for rich nations to attain "net-negative carbon emissions by 2030" and their disproportionate consumption of the global carbon budget, something that India and other poor and developing countries have stressed during the summit in Egypt. The 10-page draft document is a refined version of the 20-page "non-paper" or an informal draft published by the UN Framework Convention on Climate Change (UNFCCC) at the climate change conference COP27 on Thursday. The "draft text on COP 27's overarching decision" reaffirmed that limiting global warming to 1.5 degrees Celsius requires rapid and deep emission cuts. It puts a "placeholder" for funding arrangements

Here is the best of Business Standard's opinion pieces for today

India had proposed a loss and damage fund last year, but the COP26 final text steered clear of it

Says developed nations haven't done their bit on climate change

A report by the High-Level Commission on Carbon Prices found carbon prices needed to be in the $50-$100 tonne range by 2030 to keep global heating below 2 degrees Celsius

It also reconfirms for various stakeholders, including governments and the private sector, that 'the time to act is now'

New draft retains call for reduced fossil fuel subsidies; poor nations seek funds to tackle climate change

The country's climate negotiators at Glasgow will have to strike a balance between development needs and global pressures to do more

US climate envoy John Kerry is in talks in China on Thursday ahead of President Joe Biden's climate summit of world leaders

The rule book, covering aspects such as how to report and monitor each nation's greenhouse gas emissions, is due to be ready by December next year