In a press conference held at the COP27 in Sharm El-Sheikh with UN Secretary-General Antonio Guterres, Shoukry stated that despite the progress achieved in the past few days on a large number of issues, it has become clear at this late stage that there were still a number of issues “where progress remains lacking with persisting divergent views amongst the parties."

The foremost among these issues, Shoukry said, is stepping up adequate funding for Loss and Damage.

“Ambitious outcomes on finance have not yet materialised, and Loss and Damage parties are shying away from taking the difficult political decisions,” he said.

Shoukry said that discussions about mitigation work and adaption have not reached desired outcomes either.

“The mitigation work program is yet to reach the desired outcome. Adaptation is still held back by procedural matters,” he said adding that “while some of the discussions were constructive and positive, others did not reflect the expected recognition of the need to move collectively to address the gravity and urgency of the climate crisis.”

“On our part, the COP27 presidency is working around the clock and with the facilitating ministers to ensure the timely conclusion of all issues at hand,” he told the reporters

Shoukry urged all parties to go the extra mile in taking the necessary steps to tackle these issues.

 “As a community of nations, we must live up to their expectations.” The President of COP27 said.

The daily press conference of the Egyptian presidency of the COP7 was postponed on Thursday till the afternoon amid an atmosphere of tensions and anger.

A crunch time

Amid reports of tensions between negotiators, UN Secretary General António Guterres appealed to world leaders to find a solution and reach an agreement on financing Loss and Damage.

 "We are at crunch time in the negotiations. COP27 is scheduled to close in 24 hours – and the Parties remain divided on a number of significant issues."

"There is clearly a breakdown in trust between North and South, and between developed and emerging economies. This is no time for finger pointing. The blame game is a recipe for mutually assured destruction," he said.

"I am here to appeal to all parties to rise to this moment and to the greatest challenge facing humanity." 

"The world is watching and has a simple message: stand and deliver," he said after arriving from a G20 summit in Indonesia.

Tensions arose because the COP27 presidency's 20-page cover text -- which is a political agreement that is reached as per tradition through a consensus after discussions in closed rooms at the end of a UN climate conference -- failed to mention any steps or executive procedures on Loss and Damage financing and other climate action issues.

Many countries participating in the COP27 climate conference expressed their dissatisfaction with the lack of clear and executive steps after examining a draft decision proposed by the COP27 presidency that was circulated at five o'clock this morning.