Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    ESPN in crosshairs as Disney starts laying off 7,000

    March 30, 2023

    Google Announces Ads Transparency Center And Safety Report

    March 30, 2023

    15+ Best Self Service Advertising Networks (2023 Rankings)

    March 30, 2023
    Facebook Twitter Instagram
    Facebook Twitter Instagram
    EasyDailyCrypto – Today Crypto | Bitcoin | Global World News
    Button
    • Home
    • Features
      • Contact
    • Crypto
    • Politics

      Rep. Jared Moskowitz Levels Marjorie Taylor Greene With The Perfect Response On Guns

      March 30, 2023

      Karine Jean-Pierre Calls Out GOP Cowards In Front Of The World For Refusing To Act On Guns

      March 30, 2023

      Press Secretary for Dem AZ Governor Katie Hobbs Resigns After Posting Tweet Encouraging Shooting ‘Transphobes’

      March 30, 2023

      Trump Tries To Butter Up Grand Jury That Could Soon Indict Him

      March 30, 2023

      Tucker Carlson Explains Why Nashville School Shooter’s Manifesto Is Being Hidden: ‘It’s Not Accidental’

      March 30, 2023
    • Technology
      1. Crypto
      2. Politics
      3. Business
      4. Lifestyle
      5. View All

      War On Crypto Intensifies: SEC Charges Another Company

      March 30, 2023

      XRP Profit Taking At Highest Since Aug. 2021 As Price Up 17%

      March 30, 2023

      MetaMask Warns Users To Steer Clear Of Airdrop Rumors

      March 30, 2023

      OKX Plans To Enter Hong Kong, Seeks VASP License

      March 30, 2023

      Rep. Jared Moskowitz Levels Marjorie Taylor Greene With The Perfect Response On Guns

      March 30, 2023

      Karine Jean-Pierre Calls Out GOP Cowards In Front Of The World For Refusing To Act On Guns

      March 30, 2023

      Press Secretary for Dem AZ Governor Katie Hobbs Resigns After Posting Tweet Encouraging Shooting ‘Transphobes’

      March 30, 2023

      Trump Tries To Butter Up Grand Jury That Could Soon Indict Him

      March 30, 2023

      Sheikh Mohammed bin Zayed names his son crown prince of Abu Dhabi

      March 30, 2023

      UK re-entry into EU Horizon programme threatened by cash dispute

      March 30, 2023

      UK ups the ante with plans to move asylum seekers to ex-military bases

      March 30, 2023

      Walt Disney ousts Marvel chair Isaac Perlmutter after he clashed with CEO Bob Iger

      March 30, 2023

      A Sauna Routine to Kick-Start Good Habits

      March 28, 2023

      5 Luxe Road-Trip Stops on the California Coast

      March 28, 2023

      How Beauty Products (and Sleeping In) Can Be Mental Health Tools

      March 28, 2023

      Regeneratively Farmed Skin Care? Yes

      March 28, 2023

      EA is laying off 6 percent of its workers

      March 30, 2023

      Finally, a Logitech name-brand headset for little school kids

      March 30, 2023

      Disney just laid off the guy it bought Marvel from… but that’s probably a good thing

      March 30, 2023

      Apple’s WWDC 2023 kicks off on June 5th

      March 30, 2023
    EasyDailyCrypto – Today Crypto | Bitcoin | Global World News
    Beranda » COP27 ends in tears and frustration: ‘The world will not thank us’
    Business

    COP27 ends in tears and frustration: ‘The world will not thank us’

    EASYDAILYCRYPTO NEWSBy EASYDAILYCRYPTO NEWSNovember 21, 2022No Comments6 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Choking back his emotions, Tuvalu finance minister Seve Paeniu held up a photo of five youth delegates from his country and expressed his “deep regret and disappointment” that COP27 had been a “missed opportunity”.

    More than 80 countries had supported a proposal to phase down the use of fossil fuels at the UN climate summit in Egypt, he said.

    Ultimately, the agreement by almost 200 nations reached after all-night discussions did not go further than the weakened Glasgow COP26 pledge to phase down polluting coal power and phase out inefficient fossil fuel subsidies.

    Several of the frustrated and exhausted negotiators from western nations blamed the oil- and gas-producing countries led by Saudi Arabia, emboldened by the global energy crisis.

    Many of the world’s biggest fossil fuel producers succeeded in staving off the demands for bolder action on climate change as the summit in Sharm el-Sheikh drew to a close on Sunday, in spite of a dramatic threat of an EU walkout the day before.

    While the final agreement included a historic commitment for a new fund to help pay for climate-related damage suffered by especially vulnerable countries, a broad range of nations deplored the lack of progress during the two-week summit on how to cut greenhouse gas emissions faster.

    “The world will not thank us when they hear only excuses tomorrow,” said the EU’s green chief Frans Timmermans. “This is the make or break decade but what we have in front of us is not enough of a step forward.”

    Saudi Arabia had been “playing hardest” in its resistance to faster progress in cutting emissions, said one person involved in the eleventh hour discussions. China also held back progress but was less vocal than the Arab League countries in the negotiations, those familiar with the talks said.

    Emotions were on display and resentments obvious during the last 24 hours of the summit.

    Glasgow COP26 president Alok Sharma marched furiously away from a negotiating room late on Saturday evening, after a failed attempt by a wide coalition of countries including the UK to link global warming targets to the agreement for a loss and damage fund.

    COP26 president Alok Sharma
    COP26 president Alok Sharma: ‘I’m incredibly disappointed that we weren’t able to go further’ © Peter Dejong/AP

    US lead climate lawyer Sue Biniaz shuttled from one room to another with multiple mobile phones, as Biden climate envoy John Kerry worked from his hotel room where he was isolating after being diagnosed with Covid.

    At several stages, the final agreement appeared in jeopardy.

    A draft text circulated by the Egyptian presidency in the early hours of Saturday said countries should not need to increase their emissions reduction targets, according to two people familiar with the matter. That was “exactly the opposite of what should happen,” said one.

    By Saturday morning, the EU threatened to walk away. The bloc cited fears about weakening plans to cut emissions fast enough to meet the 2015 Paris Agreement to keep global warming well below 2C from pre-industrial times, and ideally 1.5C. Temperatures have already risen at least 1.1C.

    As the early hours of Sunday approached, the Arab group of nations and Russia resisted wording that emphasised the need for renewable power.

    Saudi Arabia pushed for the UN agreement to allow for carbon capture and storage technology, which would limit emissions and enable continued oil and gas production.

    Pushing in the other direction, a growing number of countries, including the US and Australia, said they would support a commitment to phase down all fossil fuels.

    What emerged early on Sunday morning was an uneasy compromise, with no mention of phasing out fossil fuels.

    Some western participants accused the fossil fuel producers of taking advantage of their relationships with host country Egypt. “You have to ask yourself: is this an African COP or an Arab group COP,” said one.

    Veteran UN climate summit observer Alden Meyer, a senior associate at the E3G think-tank, said the playbook was familiar. “They [the oil states] traditionally play hard ball in the end stages,” he said. “Clearly they have more influence with this presidency than they have with some others.”

    Egypt itself benefited as the host nation on several fronts. It was applauded by African and non-African nations alike for shepherding the creation of the “loss and damage” fund. It was also able to strike a deal with US and Germany to fund a $500mn initiative to help Egypt deploy renewable energy while closing old, leaking gas-powered facilities.

    Tuvalu finance minister Seve Paeniu
    Tuvalu finance minister Seve Paeniu, left, says it is ‘regrettable’ not to have an agreement about emissions peaking in 2025 © Alberto Pezzali/AP

    COP27 president Sameh Shoukry, the Egyptian foreign minister, maintained that the agreement had not “backtracked” on the previous Glasgow pact.

    “The level of ambition all over the world is equal,” but financial constraints limited what developing countries could do, he said. Nations including Saudi Arabia and Kuwait are classified as developing nations under the UN system dating back to 1992.

    Shoukry’s comments echoed the formal remarks to the UN plenary by Saudi Arabia, whose representative thanked the presidency on behalf of the 22 Arab League countries for “titanic efforts . . . to bring about common ground.” 

    “Technology transfer and funding are essential to allow the developing states to honour their commitments,” said its representative. “We would like to emphasise that the convention needs to address emissions and not the origin of emissions.”

    But Tuvalu’s Paeniu, whose country is among the small island states vulnerable to sea level rise, said it was “regrettable” not to have an agreement about those emissions peaking in 2025 to prevent a rise in temperatures beyond 1.5C.

    He had brought the youth delegates with him to demonstrate “the rich cultural heritage of our people, our community, in the Pacific,” he said.

    “We do not want to compromise their future and we need to work hard now so we can leave a legacy as good as we have had.”

    Additional reporting by Emiliya Mychasuk in Sharm el-Sheikh

    Climate Capital

    Where climate change meets business, markets and politics. Explore the FT’s coverage here.

    Are you curious about the FT’s environmental sustainability commitments? Find out more about our science-based targets here

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    EASYDAILYCRYPTO NEWS
    • Website

    Daily update exclusive News about the latest Crypto, Bitcoin, Ethereum, Blockchain, NFTs, Altcoin, Trendings News with the latest Global World News today

    Related Posts

    Sheikh Mohammed bin Zayed names his son crown prince of Abu Dhabi

    March 30, 2023

    UK re-entry into EU Horizon programme threatened by cash dispute

    March 30, 2023

    UK ups the ante with plans to move asylum seekers to ex-military bases

    March 30, 2023

    Leave A Reply Cancel Reply

    Advertisement
    Our Picks

    The Internet Archive has lost its first fight to scan and lend e-books like a library

    March 25, 2023

    Buying an Apartment with a Pool in Dubai is a Profitable Investment

    March 29, 2023

    Mass protests in Israel after Netanyahu fires defence minister | Protests News

    March 27, 2023

    Nintendo’s Wii U and 3DS eShops shut down on March 27th

    March 27, 2023
    • Facebook
    • Twitter
    • Pinterest
    • Instagram
    • YouTube
    • Vimeo
    Don't Miss
    Sports

    ESPN in crosshairs as Disney starts laying off 7,000

    By EASYDAILYCRYPTO NEWSMarch 30, 202300 Views

    Hard economic times have come for ESPN and its parent company — Disney. Like many…

    Google Announces Ads Transparency Center And Safety Report

    March 30, 2023

    15+ Best Self Service Advertising Networks (2023 Rankings)

    March 30, 2023

    War On Crypto Intensifies: SEC Charges Another Company

    March 30, 2023

    Subscribe to Updates

    Get the latest creative news from SmartMag about art & design.

    About Us
    About Us

    Update Breaking Crypto News about the latest Crypto daily, Ethereum, Blockchain, NFTs, Altcoin, Trends and Happenings including the latest World News. Exclusive crypto coin news in Easy Daily Crypto.

    Email Us: [email protected]
    Contact: +62-822-7359-8787

    Our Picks

    ESPN in crosshairs as Disney starts laying off 7,000

    March 30, 2023

    Google Announces Ads Transparency Center And Safety Report

    March 30, 2023

    15+ Best Self Service Advertising Networks (2023 Rankings)

    March 30, 2023
    Crypto

    War On Crypto Intensifies: SEC Charges Another Company

    March 30, 2023

    XRP Profit Taking At Highest Since Aug. 2021 As Price Up 17%

    March 30, 2023

    MetaMask Warns Users To Steer Clear Of Airdrop Rumors

    March 30, 2023
    Facebook Twitter Instagram Pinterest
    • Politics
    • Business
    • Crypto
    • Technology
    © 2023 All Right Reserved. Designed by EasyDailyCrypto.com.

    Type above and press Enter to search. Press Esc to cancel.