After tense negotiations that ran through the night, the Egyptian COP27 presidency released the final text for a deal and simultaneously called a plenary session to quickly gavel it through.
COP27 drew praise on Sunday for the creation of a 'loss and damage' fund. But there was also anger over a failure to push further ambition on cutting emissions in order to keep alive the aspirational goal of limiting global warming to 1.5C.
At Egypt's COP27, a new draft proposal has been issued by developed nations, including the US and UK, over controversial 'loss and damage' funding.
At Egypt's COP27, efforts by Arab countries to tackle climate change have been strongly criticised by Greenpeace and regional activists who believe MENA states are sabotaging emission reduction targets.
Climate negotiators at COP27 were mulling a late-night European Union proposal aimed at resolving an impasse over financing for poorer countries hit by climate-fuelled disasters
UN Secretary-General Antonio Guterres said the time for talking about financing damage caused by climate change had passed, and urged wealthier countries to act to protect those most vulnerable to climate-related disasters.
Countries were far from agreeing the contours of a climate deal at the COP27 summit in Egypt on Wednesday
The UAE has reportedly hired international PR and lobbying firms to improve its climate reputation ahead of COP28, despite being a major oil producer.
A new report by research consortium Net Zero Tracker revealed on Tuesday that a number of cities with net zero emission pledges have no strategy for how they will monitor and track their progress.
The standoff comes with wealthy nations pressed into acknowledging the need to compensate emerging economies for accelerating climate change, and as total funding needs appear poised to run into trillions.