BR100 Increased By (0.36%)
BR30 Decreased By (-0.13%)
KSE100 Increased By (0.22%)
KSE30 Increased By (0.37%)
AGHA 6.68 Increased By ▲ 0.01 (0.15%)
BECO 4.37 No Change ▼ 0.00 (0%)
BML 57.32 Increased By ▲ 0.88 (1.56%)
BOP 30.35 Increased By ▲ 0.01 (0.03%)
CNERGY 13.12 Increased By ▲ 0.03 (0.23%)
CSIL 5.41 Increased By ▲ 0.05 (0.93%)
FCCL 52.79 Increased By ▲ 0.41 (0.78%)
FFL 14.72 Decreased By ▼ -0.02 (-0.14%)
FNEL 1.12 No Change ▼ 0.00 (0%)
KEL 6.09 No Change ▼ 0.00 (0%)
KOSM 5.73 Increased By ▲ 0.77 (15.52%)
LOTCHEM 26.46 Decreased By ▼ -0.89 (-3.25%)
MLCF 93.16 Increased By ▲ 0.41 (0.44%)
NBP 164.66 Decreased By ▼ -0.32 (-0.19%)
NCPL 55.66 Increased By ▲ 0.02 (0.04%)
NPL 61.16 Decreased By ▼ -0.10 (-0.16%)
OGDC 316.73 Decreased By ▼ -1.03 (-0.32%)
PACE 9.87 Decreased By ▼ -0.06 (-0.6%)
PAEL 35.63 Increased By ▲ 0.13 (0.37%)
PIBTL 14.68 Increased By ▲ 0.11 (0.75%)
PPL 226.91 Decreased By ▼ -0.88 (-0.39%)
PRL 93.02 Increased By ▲ 0.45 (0.49%)
PTC 60.26 Decreased By ▼ -0.37 (-0.61%)
SSGC 23.81 Increased By ▲ 0.01 (0.04%)
TBL 8.75 Increased By ▲ 0.07 (0.81%)
TELE 7.80 Increased By ▲ 0.02 (0.26%)
TPL 22.35 Increased By ▲ 0.12 (0.54%)
TPLP 12.97 Increased By ▲ 0.30 (2.37%)
TREET 22.16 Decreased By ▼ -0.38 (-1.69%)
TRG 56.56 Decreased By ▼ -1.24 (-2.15%)
World

EU rejects ‘unacceptable’ emissions proposal at COP27

Published Updated
By

SHARM EL SHEIKH: The European Union on Saturday rejected as “unacceptable” a proposal from UN climate summit host Egypt for a deal at the COP27, a French official said, saying it was insufficiently ambitious on reducing carbon emissions.

“At this stage, the Egyptian presidency is calling into question gains made in Glasgow on emissions reduction,” the official from the French energy transition ministry told AFP, referring to the outcome of last year’s COP26.

“This is unacceptable for France and for European Union countries.”

Under the 2015 Paris Agreement, countries agreed to limit global warming to “well below” two degrees Celsius compared to the late 19th century.

COP27 climate talks reach crunch time with big rifts remaining

They also signed on to an aspirational goal of capping the rise in temperature to 1.5C, which scientists subsequently confirmed was a far safer guardrail against catastrophic climate impacts.

This more ambitious 1.5C target was embraced last year in Glasgow, with countries agreeing to annually review their carbon reduction goals.

“The problem is that the Egyptian presidency is trying to push through a text that removes the obligation of countries to regularly strengthen their national targets in order to meet the 1.5C goal,” the French official said.

European Commission Vice President Frans Timmermans, who is leading the EU delegation at COP27, said the talks were “in overtime”.

COP27: Talks on carbon market rules off to slow start

“The EU is united in our ambition to move forward and build on what we agreed in Glasgow,” he wrote on Twitter. “Our message to partners is clear: we cannot accept that 1.5C dies here and today.”

The two-week talks in Egypt’s Red Sea resort of Sharm el-Sheikh have bogged down over a number of intertwined issues, including how – and how quickly – to funnel money to vulnerable developing countries already slammed by climate-enhanced storms, droughts, heatwaves and floods.

Comments

Comments are closed for this article.