EU Countries Agree on Negotiating Stance Before COP27 Climate Talks

(Bloomberg) -- European Union countries have agreed on a negotiating stance before crunch climate talks in Egypt two weeks from now, opening the door for discussions on how to compensate developing countries for losses caused by extreme weather.

The bloc’s 27 member states signaled support for an agenda item on the issue of loss and damage, according to conclusions agreed by environment ministers on Monday. Still, the bloc is seen as reluctant to create a dedicated facility at this year’s United Nations-convened COP27 summit.

While the EU has not updated its emissions-reduction plan -- and will not do so before the climate talks begin on Nov. 6 -- ministers committed to submitting it as soon as they have agreed the final shape of the bloc’s legislative package to reach net-zero by the middle of the century. It’s aiming to finish those talks by the end of this year.

The EU is set to be a major player at COP27, especially with climate talks between the US and China having broken down. The bloc also is leading the way on implementation of plans to slash emissions by 55% this decade even amid an unprecedented energy crisis kicked off by Russia’s invasion of Ukraine. 

The conclusions retain a commitment made at last year’s summit in Glasgow to phase down coal use and end fossil-fuel subsidies.

Read more: Fossil Fuel Profits Can Easily Cover Climate Losses, Report Says

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