Service United States on Climate Change released a draft agreement in which representatives at the summit KS27 in Sharm el-Sheikh they hope to arrive in the coming days.

The text does not include a proposed solution to one of the session’s most contentious issues, “loss and loss” financial mechanisms that would provide funds to developing countries suffering from the devastating effects of climate change.

Instead, it says delegates are still trying to reach consensus on the issue, which was placed on the summit’s official agenda for the first time, in what is seen as significant progress on an issue that has long divided developed and developing countries. Since then, however, negotiations on what to do have made little progress.

Late last Thursday evening, the European Union put forward a proposal aimed at breaking the deadlock.

The draft text, which was reportedly drafted at 03:30 am and reflects the intensity of the final negotiations, echoes key points from last year’s COP26 agreement in Glasgow and the 2015 Paris agreement to limit global temperature rise. .

^{According to REUTERS}