COP27 summit agrees to help climate victims. But it does nothing to stop fossil fuels

The world has failed to reach an agreement to phase out fossil fuels after marathon UN climate talks were “stonewalled” by a number of oil-producing nations. Negotiators from nearly 200 countries at the COP27 UN climate summit in Egypt took the historic step of agreeing to set up a “loss and damage” fund meant to help vulnerable countries cope with climate disasters and agreed the globe needs to cut greenhouse gas emissions nearly in half by 2030. The agreement also reaffirmed the goal of keeping global warming to 1.5 degrees Celsius above pre-industrial levels. However, an attempt to address the biggest source of the planet warming emissions that are causing the climate crisis ended in a fiasco after a number of nations, including China and Saudi Arabia, blocked a key proposal to phase out all fossil fuels, not just coal.

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