COP27's ‘loss and damage’ fund for developing countries could be a breakthrough – or another empty climate promise

Egyptian Foreign Minister Sameh Shoukry closes COP27 in the early hours of Nov. 19, 2022. Christophe Gateau/picture alliance via Getty Images

Developing nations were justifiably jubilant at the close of COP27 as negotiators from wealthy countries around the world agreed for the first time to establish a dedicated “loss and damage” fund for vulnerable countries harmed by climate change.

It was an important and hard fought acknowledgment of the damage – and of who bears at least some responsibility for the cost.