COP26 talks stumble on climate cash ‘cliffhanger’ | The Guardian Nigeria News

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Sleep-deprived COP26 negotiators on Saturday struggled to bridge deep divisions holding up a deal to deliver the emissions cuts and financial support needed to avert the accelerating disaster of climate change. 

A new draft text, released deep into overtime by the Glasgow summit’s UK presidency, urged nations to accelerate efforts to phase-out of unfiltered coal and “inefficient” fossil fuel subsidies.

Large emitters such as China, Saudi Arabia and Russia had tried to remove the mention of polluting fuels, according to delegates.

But after resistance from rich nations led by the United States and European Union, the draft text omitted any reference to a specific finance facility for “loss and damage” — the mounting cost of global warming so far — which has been a key demand of poorer nations. 

The text noted “with deep regret” that wealthy nations had also failed to stump up a separate annual sum of $100 billion they promised over a decade ago, but said only…



Source: Guardian Newspaper

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