We're on highway to climate hell: U.N. boss at COP27

STORY: The next big United Nations climate change conference is underway at the Egyptian resort city of Sharm El-Sheikh.

With pomp and dramatic music, the event known as COP27 is expected to see two weeks of rousing and fiery speeches from a parade of world leaders, but also skepticism that governments still aren't doing anywhere near enough -- and this time under distractions such as the war in Ukraine, the cost of living crisis, and energy shortages.

This was the U.N. Secretary-General Antonio Guterres Monday, and former U.S. Vice President Al Gore:

GUTERRES: “We are on a highway to climate hell with our foot still on the accelerator."

GORE: "We have a credibility problem, all of us. We're talking and we're starting to act, but we're not doing enough."

So far, there have been a number of small developments to watch out of the conference.

One: More than 25 countries announced billions more dollars in financing to end deforestation by 2030, although past progress on that front has been patchy and the member states involved - who are chaired by the U.S. and Ghana -- only represent about 35% of the world's woodlands.

Additionally, delegates on Sunday agreed to discuss compensating poor countries for damage already occurring due to climate change, such as this year's catastrophic flooding in Pakistan.

It's the first time that such compensation has been placed on the formal agenda at one of these conferences, which have been going on for decades.

A recent United Nations report says global emissions are on track to rise 10.6% by 2030, compared to 2010 levels. But scientists say those emissions need to drop 43% by that time - to avoid the global warming threshold where the risks spin out of control.

Some countries, including the U.S. and members of the European Union, are calling to increase fossil fuel supplies to bring down consumer energy prices.