The COP28 climate summit has headed into overtime on Tuesday, December 12, as negotiators continued to hold out in hope of a new draft text that could offer stronger language on a proposed phase out of fossil fuels in the near-term.
According to insiders, a new draft was expected earlier today, which many hope will also address issues such as climate finance, especially for developing countries that have been requesting for grant-based assistance to facilitate the energy transition.
COP28 President Dr Sultan Al Jaber addressed a plenary on Monday night, shortly after the Global Stocktake draft text was released, saying: “We have made progress, but we still have a lot to do. I want you to deliver the highest ambition on all agenda items, including on fossil fuels language. We must work faster. We must work smarter. We must work together.”
Al Jaber appealed for flexibility from parties to “deliver an outcome that respects the science and that keeps 1.5 within reach.”
Bindu.rai@lseg.com
