Cop27 agrees historic ‘loss and damage’ fund for climate impact in developing countries

A Fridays for Future protester at the Cop27 UN Climate Summit holds a sign calling for the “loss and damage” deal. Photograph: Peter Dejong/AP

Developing countries celebrated on Sunday morning as crucial climate talks ended with a “historic” deal on their most cherished climate goal: a global fund for “loss and damage”, providing financial assistance to poor nations stricken by climate disaster.

However, the deal was far from perfect, with several key elements flawed or lacking. Some countries said the commitments on limiting temperatures to 1.5C represented no progress on the Cop26 conference in Glasgow last year, and the language on phasing out fossil fuels was weak.