Negotiators at the COP27 climate summit in Egypt neared a breakthrough deal on Saturday for a fund to help poor countries being ravaged by the impacts of global warming, but remained locked over how to reduce the greenhouse gas emissions driving them.
"We have to be fast here now, but not fast towards a bad result. Not fast in terms of accepting something that we then spend years regretting," said Eamon Ryan, Ireland's environment minister.
Frans Timmermans, the European Union's climate policy chief, said ministers from the regional bloc were prepared to "walk away" if the accord is not ambitious enough. "We'd rather have no decision than a bad decision."
The outcome of the two-week summit in the resort town of Sharm el-Sheikh is a test of worldwide resolve to fight global warming, even as a war in Europe and rampant consumer inflation distract international attention.
Days of tense bargaining between wealthy and developing nations at the summit yielded a proposal on Saturday to set up a fund to benefit countries coping with irreparable damage from severe storms, floods, droughts and wildfires.
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