From Bloomberg Balance of Power Blog

Two weeks of climate talks in the Egyptian resort of Sharm El-Sheikh delivered a compromise accord in the fight against global warming. The UN-sponsored COP27 meeting ran over time and ended on Sunday morning with bleary-eyed ministers and diplomats agreeing to set up a fund to help vulnerable nations face the costs of climate disasters Key reading: How a Flawed But Historic Climate Deal Emerged From COP Chaos UN Adopts Historic Pact on Payments for Climate Damages Breakthrough on Climate Compensation and 7 Other COP27 Takeaways ‘Carbon Neutral’ Companies Are Relying on Junk Carbon Offsets It was a historic win for the countries facing rising seas, devastating floods, and drought. The deal also redraws the old divide between rich and poor nations into a new order that puts countries responsible for planet-warming greenhouse-gas emissions against those suffering the consequences. Still, the approval came at the cost of leaving out of the final agreement more ambitious commitments such as emissions peaking in 2025 and a phase-down of all fossil fuels — not just coal as agreed at COP26 in Glasgow last year. The US went further on a proposal that wasn’t even on the table at the start of the summit. US negotiator Trigg Talley said the world’s biggest economy and largest historic emitter was ready to support the “phase out” — not just “down” — of all fossil fuels It didn’t go through, with Saudi Arabia, Iran, Russia, and other oil-producing countries pushing back hard. At one point, the draft agreement included language that would have weakened past commitments. The final text leaves the commitment to keep global warming at 1.5 Celsius by 2100 hanging by a thread. — Laura Millan Lombraña If you liked this post, you’ll love our daily environmental newsletter, EnviroPolitics. It’s packed with the latest news, commentary, and legislative updates from New Jersey, Pennsylvania, New York, Delaware…and beyond. Please don’t take our word for it, try it free for an entire month. No obligation.