Early drafts of an agreement out of COP26 acknowledge the world should aim to limit warming to 1.5°C (2.7°F) and reference phasing out fossil fuels for the first time. The drafts also note “with regret” that wealthy nations have failed to make good on their promise to provide $100 billion annually in climate finance and include language about increasing finance targets in the future. They ask countries to come back in 2023 with stronger climate plans, something developing nations have been pushing for. These documents, which will eventually form the outcomes of the conference, were released early Wednesday morning, local time.
Experts said the drafts are weak on providing compensation for irreparable loss and damage and more money to developing countries for adapting to climate impacts. The US and European Union have been accused of standing on the sidelines as countries like Saudi Arabia and Russia have pushed for lower ambition. Delegates will continue negotiating details over the coming days, with a final agreement officially due Friday night. But, if history is a guide, it could come hours (or days) later. (BBC, Bloomberg $, AP, Washington Post $, CNN, Axios, Reuters, The Guardian, Newsweek)