Search Site

Roche to buy Poseida Therapeutics

The $1.5 billion deal is due to close in early 2025.

BP announces $7bn gas project

The project aims to unlock 3 trillion cu ft of gas resources in Indonesia.

Lulu Retail Q3 profit $35m

For the nine-month period, net profit increased by 73.3%.

Talabat IPO offer price range announced

The subscription will close on 27 Nov for UAE retail investors.

Salik 9M net profit $223m

The company's third-quarter profit increased by 8.8 percent.

Swiss regret COP27 going soft on top polluters

The final COP27 statement held the line on the aspirational goal of limiting global warming to 1.5 degrees Celsius above pre-industrial levels. (AFP)
  • There was disappointment in some quarters over COP27's stand on cutting emissions.
  • There were concerns that no resolutions were passed on phasing out coal and reducing subsidies for oil and gas

GENEVA, SWITZERLAND – Switzerland regretted Sunday that the COP27 climate summit outcome does not impose obligations on the highest greenhouse gas polluters and said it would work to make sure they contribute properly.

A fraught UN gathering in Egypt wrapped up Sunday with a landmark deal on funding to help vulnerable countries cope with devastating climate impacts – and deep disappointment over a failure to push further ambitions towards cutting emissions.

“The states have agreed on a work program until 2026. However, this does not expressly oblige the countries with the highest greenhouse gas emissions,” said a statement from the Swiss Federal Office for the Environment.

“Switzerland regrets this decision and will work to ensure that these countries also make their contribution.”

“A new fund has been set up for the most vulnerable countries to help them deal with the damage caused by climate change. Switzerland welcomes the additional aid in principle. Central questions about the fund still have to be clarified.”

Bern noted that no resolutions were passed on phasing out coal and reducing subsidies for oil and gas, saying “countries with the largest greenhouse gas emissions, such as China, India, Indonesia and Brazil, rejected a corresponding work program and the obligation to implement plans”.

The final COP27 statement held the line on the aspirational goal of limiting global warming to 1.5 degrees Celsius above pre-industrial levels.

On the funding deal, “it remains unclear which countries should contribute to the fund, how the money will be distributed and who will manage the fund. Switzerland will work to ensure that these issues are clarified as quickly as possible,” Bern said.