The UN climate talks have been eꦉxtended by a day in🧜 an effort to break the deadlock over key issues, including mitigation work programme, loss and damage and climate finance.
In an effort to break the deadlock, the Euro𒅌pean Union's chief negotiator Frans Timmermans proposed a plan that tied loss and damage with emission cuts.
The success of the talks hinges on a fund to address loss and damage, a term used for irreparaౠble destruction c𝕴aused by climate change-fuelled disasters.
In exchange for the fund, the EU proposal asks countries to peak emissions before 2025 and phase down all fossil fuels and not just coal. Details of the f🗹und will be worke💞d out next year.
Another important aspect of the proposal is tha✃t big developing countries like China would need to pay into this fund as it would have a 'broad funder base'.
Earlier in the day, the UN Framework Convention on Climate Change published a fo💮rmal draft of the deal but it made no mention of India's call for phase down of all fossil fuels.
Experts said it was surprising that the call for phasing down all fossil fuels, the COP's second-most discussed new element, didn't find a place in the draft text despite most developing countries a🐓nd some developed nations, including the US and the European Union, supporting it.
ℱSome also said it seemed more like a statement from India -- a tactical move to deflect criticism over the use of coal -- and not its stand.
The draft showed little progress on key issues like adaptation f♐und rep🐼lenishment and a new collective quantified goal on climate finance.
It also omits references to the need for rich nati🌱ons to attain &quo𓆉t;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 throughout the summit in Egypt.
