The EU set out its position for the COP27 climate summit on Monday in a text that called for "ambitious targets" but did not put a figure on financial help for developing countries.

The 27 member states acknowledged that "global ambition must increase substantially" to keep Paris Agreement temperature goals within reach.

The text urges countries to "come forward with ambitious targets" ahead of the UN conference in Sharm el-Sheikh, Egypt next month.

The EU is ready to update national contributions "as soon as possible" after discussions between the 27 member states to finalise their climate plan, it said.

The plan aims to reduce the EU's greenhouse gas emissions by 55 percent, compared to 1990 levels, by 2030.

The text, adopted by EU environment ministers meeting in Luxembourg, also "calls on all parties to close the book on unabated coal through a phasedown".

But the declaration is cautious on the thorny matter of financial help for developing countries.

Financing "loss and damage" caused by the impacts of global warming is set to be a burning issue at COP27, the 27th Conference of the Parties to the United Nations Framework Convention on Climate Change.

Rich countries have still not kept their commitment to provide at least $100 billion a year in climate aid -- a target initially set for 2020 -- to help poor countries reduce their emissions and adapt.

The EU member states expect "the goal will be met in 2023" the text says, without providing any new target figures.

Compensation for loss and damage is "a tricky question", said Czech Environment Minister Anna Hubackova, adding: "We are ready to discuss" possible terms.

"Today at the Council, we've agreed to have an open mind in the loss and damage negotiations", said Dutch Energy Minister Rob Jetten.

"We have to recognise the impact on a lot of developing countries", he added.

"Let's see in Sharm el-Sheikh where this ends", he said.

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