COP27: Draft climate deal does not call for phase down of fossil fuel

It does not call for a phase down of all fossil fuels, as India and the European Union had requested.

The text does not include details for launching a fund for loss and damage, a key demand from the most climate vulnerable countries like island nations. Rather, it "welcomes" the fact that parties have agreed for the first time to include "matters related to funding arrangements responding to loss and damage" on the summit agenda.

It does not include a timeline for deciding on whether a separate fund should be created or what it should look like, giving time for negotiators to continue to working on the contentious topic.

The document "stresses the importance of exerting all efforts at all levels to achieve the Paris Agreement temperature goal of holding the increase in the global average temperature to well below 2°C above pre-industrial levels and pursuing efforts to limit the temperature increase to 1.5 °C above pre-industrial levels."

The document is based on requests that delegates from nearly 200 countries have sought to be included in the final deal. It will provide a basis for negotiations over the coming days that are likely to substantially flesh out and rework the text.