COP26 climate talks will drag on until at least tomorrow morning, and while gains for the environment are still possible activists fear loopholes leave the agreement in jeopardy.
Climate activists and delegates stage a walk out in protest of the ongoing negotiations at the COP26 climate change conference. Photo: AFP
The meeting in Glasgow was supposed to end earlier today.
Most of the of the major issues - fossil fuels, financial aid and emissions reduction pledges remain unresolved.
Outcome slated for early morning NZ time
A close observer has told RNZ it is now clear the whole summit up until this point was just a preamble.
Negotiations continue behind closed doors, with teams frantically communicating with home Governments to get signoff.
COP26 President Alok Sharma said a third iteration of a draft agreement will be released at about 9pm New Zealand time.
He expects an agreement to be struck and summit to close in the early hours of the morning (NZT).
However, if countries are not happy with the draft text there could be further delays.
'There's everything to play for'
IPCC climate report author and University of Canterbury professor Bronwyn Hayward said, with the talks now in overtime, gains for the environment were still possible.
Observers are watching intently that wording on reducing the use of fossil fuels, increasing climate aid, and establishing a pathway for possible compensation on permanent damage remain in the final agreement.
University of Canterbury said it would come down to the wire.
Britain's president for COP26 Alok Sharma (right) speaks with UNFCCC executive secretary Patricia Espinosa following an informal stocktaking session at the COP26 climate change conference in Glasgow. Photo: AFP
"There's everything to play for and there's a lot to lose in the last 24 hours.
"It's still pretty tense but I understand from several negotiators that people are feeling a tiny bit hopeful."
Professor Hayward said the language in the final document was incredibly important as it set the direction countries and businesses would take.
'Loopholes' and 'greenwashing' leaves agreement on a knife-edge
International activists fear watered down language and loopholes leave the COP26 climate agreement in jeopardy.
The Climate Action Network represents more than 1500 NGOs in 130 counties.
It said greenwashing efforts by the US, UK, Brazil and Japan in the negotiations to establish international carbon markets could blow a hole in the Paris agreement.
It could allow for "double counting" of emissions cuts, something New Zealand is strongly against.
Meanwhile, a group representing more than 130 countries, and China, has backed a proposal by an alliance of small island states for compensation for permanent climate damage - called 'loss and damage' in COP parlance.
That would be over and above financial aid offered by rich countries.
However, it is not mentioned in current version of the COP26 draft agreement, with developed countries fearing huge financial liability.