COP26 was due to wrap at 7pm CET today but there is still no white smoke for a final agreement as we're writing.
If the almost 200 countries involved in the talks are unable to strike a deal this evening, it is likely COP26 will be extended over the weekend.
Negotiators worked all night long on a new draft decision that was published early on Friday morning. But a number of sticking points remain - including climate finance.
COP26: Here is what you need to know from Day 12
The latest draft decision has watered down the language from the previous text calling to end all use of coal and phase out fossil fuel subsidies completely.
"The new final decision text could be better, it should be better, and we have one day left to make it a lot, lot better," said Greenpeace chief Jennifer Morgan.
On a more positive note, she said there was "wording in here worth holding on to." "We’ve moved from richer nations largely ignoring the pleas of developing countries for promised finance to tackle climate change, to the start of recognition that their calls should be met," Morgan tweeted.
Egypt and the United Arab Emirates will host the next COPs in 2022 and 2023 respectively.
"A small number of key issues remain which require our urgent collective attention,” said COP26 chairman Alok Sharma this afternoon as he urged “a final injection of can-do spirit” to deliver on an ambitious climate deal.
In case you weren't able to follow along on Thursday, here are five key takeaways from Day 11.
COP26 live updates
Gabonese minister says US, EU holding talks back
Climate talks in Glasgow are at a “bit of a stalemate” and the United States, with support from the European Union, is holding back talks, according to Lee White, the Gabonese minister for forests and climate change.
White said on Friday there's a lack of trust between rich and poor nations over payments from rich countries to the poor for damage from the worst effects of global warming, funds for adapting to climate change and carbon markets.
Developing nations went to a meeting on Thursday thinking they had come to an agreement to create an independent fund for loss and damage finance. But Gabon's White said rich countries weren’t ready and felt that they hadn’t been consulted enough. “They said, we never agreed to that. It won’t work. It’s too complicated.”
White said rich countries are reluctant to create a new fund, and developing nations feel that existing climate finance mechanisms are already overstretched. “So, we’re at a bit of a stalemate ... The US is reluctant to give money for adapting to climate finance, and want it to be purely voluntary.” White added that the EU is supporting the American stance.
EU chief holds picture of grandchildren in emotional COP26 speech
“If we succeed, he’ll be living in a world that’s livable,” Timmermans said. “If we fail, and I mean fail now in the next couple of years, he will fight with other human beings for water and food. That’s the stark reality we face.”
“This is personal,” he stressed, noting that the consequences of climate change would be even more dire for representatives of low-lying Pacific islands and other nations vulnerable to flooding “because you’re standing with your feet in the water.”
Timmermans called for “strong action on coal power and subsidies for fossil fuels” to be included in the final agreement, and called for holding all major emitters accountable.
UK PM urges 'cash on the table' to secure climate deal
British Prime Minister Boris Johnson says coming up with more money for countries at greatest risk from climate change is key to securing a deal at COP26
As negotiators strained to reach consensus among almost 200 nations, Johnson said the developing world “needs to see the cash on the table.”
He said: “That’s what needs to happen in the next few hours. People need to see that there’s enough cash to make a start, and there’s enough commitment to make a start.”
Johnson, who is not in Glasgow, said he is pressing world leaders to do more. He spoke on Friday with Italian Prime Minister Mario Draghi and Egyptian President Abdel Fattah al-Sisi.
He urged countries to agree to the draft text of the final summit agreement, which is still being tweaked. The conference is scheduled -- but unlikely -- to end at 7pmCET on Friday.
“We either find a way of agreeing it or we risk blowing it,” Johnson said.
He said: “If they can have the courage to do this deal, to agree the cover decision that’s on the table today, then we will have a road map that will enable us to go forward and start to remove the threat of anthropogenic climate change.”
Activists concerned about 'loopholes' on carbon markets text
Climate activists expressed concerns about possible loopholes in agreements for international cooperation on emissions reduction, which includes the rules for carbon markets.
Businesses are particularly keen to balance out excess emissions by paying others not to emit a similar amount.
“The invitation to greenwash through carbon offsetting risks making a farce of the Paris Agreement,” said Louisa Casson of Greenpeace.
“If this goes ahead, governments are giving big polluters a free pass to pollute under the guise of being ‘carbon neutral’, without actually having to reduce emissions.”