SHARM EL-SHEIKH, Egypt

Disagreements on the phase-down of fossil fuels dominated the last-hour negotiations in the UN climate summit COP27 in Egypt’s seaside city of Sharm el-Sheikh.

Sources at the UN summit told Anadolu Agency that a draft COP27 agreement was largely similar to that adopted during last year’s Glasgow summit

According to the sources, tension and disagreements remained on the phase-down of fossil fuels.

A number of developing countries along with India believe that calls for reducing the use of coal, while neglecting gas and oil, used by developed countries, are "unfair", the source said.

“There is progress on the issue of damages and losses, but the outputs are insufficiently built on the outcomes of last year's Glasgow conference," David Wasko, CEO of the World Resources Institute (WRI), told Anadolu Agency.

"Negotiations are still ongoing and we are still awaiting the final text of the climate summit,” he added.

According to the sources, the last hours of COP27 saw an EU proposal of a mechanism to finance losses and damages for the most vulnerable countries, in exchange for gradually reducing the use of oil, gas and coal.

The definition of the most vulnerable countries was, however, controversial.

COP27 was scheduled to close on Friday, but was extended for one day to reach a “consensus” according to Egypt’s environment minister.

*Ikram Imane Kouachi contributed to this report.