COP27 climate deal hurtle towards overtime, countries mull EU offer of fund

A European Union proposal buoyed hopes of progress at the COP27 climate summit on Friday, its final scheduled day, as the 27-country EU said it would back one of the toughest agenda items financing for countries wracked by climate-fuelled disasters.

But with several other sticking points dogging this year's UN climate talks, host country Egypt said a final deal was still not expected before the weekend.

“I remain committed to bring this conference to a close tomorrow in an orderly manner, with the adoption of a series of consensus decisions that will be comprehensive, ambitious, and balanced,” COP27 President Sameh Shoukry told reporters.

The two-week conference at the Red Sea resort of Sharm el-Sheikh is a test of global resolve to combat planetary warming at a time that climate-driven storms, floods, droughts and wildfire compete for governments' attention with a war in Europe and soaring inflation.

Negotiations were energised after the European Union said late on Thursday that it would back the demand of the G77 group of 134 developing countries to set up a fund to help countries cope with “loss and damage”, the irreparable damage being wrought by climate change.

But it was unclear Friday if all of those countries would accept the EU’s offer of a fund to aid only “the most vulnerable countries”, rather than all developing countries as they had requested.