The latest COP28 draft outcome text released to negotiators on the penultimate day of the UN Climate Change Conference dropped a call to 'phaseout' fossil fuels, prompting outcry from climate vulnerable countries and civil society.
The 21-page text, prepared by the COP28 presidency, United Arab Emirates, makes no mention of fossil fuel 'phasedown' or 'phaseout', which UN Secretary-General António Guterres said was one of the keys to the conference's success and which many nations have demanded.
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May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.