Countries negotiating at the climate summit in Egypt are on track to reject calls to phase out the use of all fossil fuels, hitting back at efforts by India and key developed nations to target oil and gas , as well as coal in a global agreement at COP27.
The Egyptian presidency released the first draft of its so-called “hedging decision” and largely kept to last year’s pledge in Glasgow to “accelerate measures towards the phasing out of coal power undiminished” and eliminate fossil fuel subsidies. It also maintained its commitment to keep global warming to 1.5ºC. He highlighted that countries are currently falling far short of meeting the climate finance needs of developing countries.
The draft, which is still subject to revisions this week, is likely to be a disappointment to countries that have been pushing for a phase-out of all fossil fuels, not just coal. India led the push but was supported by the United States, the European Union and the United Kingdom, although the latter countries wanted to ensure that the coal phase-out in particular was still highlighted.
There was also likely to be widespread opposition to this move. Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman, said in an interview last week that the kingdom would be highly unlikely to support a deal that included a phase-out of oil.
If the language sticks, it could intensify the fight, exposing deep divisions between some of the world’s biggest oil producers and climate-vulnerable countries that want a quick turnaround from fossil fuels.
The draft text has already drawn swift condemnation from activists pushing for a tough stance against fossil fuels.
“Recognizing only the need to phase out coal while ignoring oil and gas is very problematic. This predatory delay is out of line with science and with 1.5°C,” he said Collin Rees, Head of Campaigns at Oil Change International. “At a COP made up of more than 600 fossil fuel lobbyists roaming the halls, parties fighting for progress must push back against weak language that allows the fossil fuel industry to continue its deadly expansion.”
In one notable section, the draft sees countries calling on multilateral development banks to do more to increase climate finance. They should increase the amount of money provided by three times by 2025 “without aggravating the debt burden” on national budgets, according to the document.
The push aligns with growing demands from MDB member countries, including the US, for an overhaul of the so-called Bretton Woods institutions to deal with emerging threats such as global warming. Last week Prime Minister of Barbados mia Mottley called on institutions to undertake reforms that would unlock more funding for climate pledges.
The paper also acknowledges for the first time the energy crisis gripping the world, as concerns about the fuels needed to push countries to adopt more coal power. “The unprecedented global energy crisis underscores the urgency to rapidly transform energy systems to be more secure, reliable and resilient,” as well as “the need to accelerate clean and just transitions to renewable energy,” the draft said .
The countries would also express concern about the impacts of the crisis on the ability of nations to meet their carbon reduction commitments under the Paris Agreement and emphasize “the importance of avoiding backsliding”.
Conclusions about the Sharm El Sheikh Key items on the summit’s agenda, such as the issue of loss and damage, would also be included upon completion, according to the draft. The conference is due to end on Friday, but previous annual meetings have often gone overboard.
There are concerns about the number of major outstanding issues that have yet to be resolved.
“It doesn’t seem like a single coherent vision pushed by the presidency, but rather a text that weaves together a lot of ideas that they’ve heard — many will be shot down from various groups,” he said. tom Evans, climate policy advisor at think tank E3G. “There’s a lot in there that not all parties will like.”
