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Participants of the UN Climate Conference COP26 in Glasgow walk in front of the climate conference logo.<\/p>\n\n\n\n
Christoph Soeder\/dpa
Participants of the UN Climate Conference COP26 in Glasgow walk in front of the climate conference logo.<\/p>\n\n\n\n
By Bloomberg<\/p>\n\n\n\n
GLASGOW
Petroleumworld 11 12 2021
Climate talks are set to stretch into the weekend as delegates are still fighting over how to curb rising temperatures — and who will pick up the bill.<\/p>\n\n\n\n
New draft texts released around dawn on Friday were a bit weaker than the previous version. The language calling on countries to have another go at their climate plans by next year has eased a bit — and now includes a line that amounts to a get-out clause.<\/p>\n\n\n\n
A closely watched line on fossil fuels and coal has survived the night, though it\u2019s been tweaked after some resistance from countries including China. The promise now is to phase out \u201cunabated coal,\u201d and, in line with promises the G-20 has been making for a decade, phase out \u201cinefficient\u201d fossil fuel subsidies.<\/p>\n\n\n\n
Ministers are set to meet later this morning to take stock of the negotiations — so watch for more pushback. Talks to establish rules for global carbon trading, six years in the making, hit new obstacles overnight. That\u2019s an important yardstick for success.<\/p>\n\n\n\n
Key developments:<\/strong> Latest Draft of Text Published (8:14 a.m.)<\/strong> The latest draft, which was negotiated overnight now \u201crequests\u201d countries to come back with better climate-action plans for 2030 by next year, instead of being \u201curged\u201d to. It also allows for \u201cdifferent national circumstances,\u201d which is seen as a kind of get-out clause.<\/p>\n\n\n\n The text slightly weakens language on asking for a phase-out of fossil fuels subsidies and coal. It now calls for the phase-out of \u201cunabated\u201d coal power and of \u201cinefficient\u201d subsidies for fossil fuels. That line has faced pushback, and many climate-watchers were expecting it to be axed by now. Germany Prepared If Talks Run Past Friday (6:30 a.m.)<\/strong> \u201cI\u2019m planning on leaving here tomorrow, but we have already taken precautions in case it goes longer,\u201d Flasbarth, a deputy environment minister, said early Friday in an interview with Deutschlandfunk radio.<\/p>\n\n\n\n \u201cAbove all, we have to agree on the final legal rules, otherwise the next few years will be very difficult in terms of implementing the Paris Accord,\u201d he said. Outstanding issues that still need to be resolved include the exit from coal power, he added. An agreement between the U.S. and China to cooperate on climate this decade is the main achievement from the summit so far, Flasbarth said.<\/p>\n\n\n\n What\u2019s Left to Achieve on the Summit\u2019s Final Day The mantra of this COP is \u201ckeeping 1.5 degrees alive.\u201d That means limiting temperature increases from pre-industrial levels to 1.5 degrees Celsius, which equates to a much less catastrophic outcome for the planet than the 2.7 degrees scientists say we\u2019re now on track for. Bloomberg\u2019s Akshat Rathi reports from Glasgow.<\/p>\n\n\n\n \u2014 With assistance by Brian Wingfield, Iain Rogers, Jason Scott, Akshat Rathi, Emma Ross-Thomas, Jess Shankleman, and Ewa Krukowska<\/em><\/p>\n\n\n\n _____________
– Latest draft of text published; ministers to meet later
– Efforts to create global carbon market hit new obstacles
– China is likely to choose energy security over ending coal
– The endgame: what to look out for if you\u2019re just tuning in
– Read More: Two Billionaires Are at the Center of India\u2019s Net-Zero Promise<\/p>\n\n\n\n
A new draft of the a climate pact being debated at COP26 talks in Glasgow on Friday maintains most of the key elements climate-watchers were looking for — though with some tweaks.<\/p>\n\n\n\n
In positive news for developing countries, there\u2019s a call for rich nations to double the amount of money — by 2025 — they spend helping poor countries adapt to climate change.<\/p>\n\n\n\n
Germany is already preparing in case the conference misses the deadline of 6 p.m. local time Friday for a final agreement, according to the head of the nation\u2019s delegation, Jochen Flasbarth.<\/p>\n\n\n\n
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It\u2019s the last scheduled day of COP26, though it\u2019s likely talks will extend into the weekend. Here\u2019s a look at what\u2019s left to achieve in Glasgow:https:\/\/www.bloomberg.com\/multimedia\/api\/embed\/iframe?id=6acccb8b-9ced-43ee-940d-6bebf554e17a
To watch original size video click here<\/a><\/p>\n\n\n\n
By Bloomberg News<\/p>\n\n\n\n