UN climate talks enter home stretch split over money

UN climate talks enter home stretch split over money

Sharm el Sheikh - COP27 entered its final week Monday with rich carbon polluters and developing nations at loggerheads over how to speed up and fund reductions in emissions.

The stand-off comes as advanced economies are pressed into acknowledging the need to compensate their developing peers for accelerating climate damage, and as total funding needs appear poised to run into trillions, rather than billions, of dollars.

Somewhere in the middle, China -- accounting for 30 percent of global greenhouse gas emissions, by far the largest share -- is feeling pressure from both sides, not only to enhance its carbon cutting goals but to step up as a donor nation, negotiators and analysts say.

At last year's UN climate summit in Glasgow, nearly 200 countries vowed to "keep alive" the Paris Agreement's aspirational goal of capping global warming at 1.5 degrees Celsius above pre-industrial levels.

Nearly 1.2C of warming so far has seen a cascade of increasingly severe climate disasters, such as the flooding that left a third of Pakistan under water this summer, claiming at least 1,700 lives and inflicting $30 to $40 billion in damage.

The Glasgow Pact urged nations to ramp up their emissions reduction commitments ahead of this year's summit in the