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Cop27 has reached a historic agreement on a fund to compensate vulnerable countries for the irrevocable damages caused by the climate crisis.

The gruelling two-week conference continued into Sunday morning in Sharm el-Sheikh, Egypt after a marathon negotiating session went through the night.

Out of the exhaustion, conflict and compromise, ultimately came jubilation on the contentious issue of loss and damage. All 197 countries agreed to establish a financial fund for assisting developing countries that are particularly vulnerable to climate impacts.

The Alliance of Small Island States, a group representing some countries on the frontlines of the climate crisis, celebrated soon after the announcement.

“AOSIS promised the world we would not leave Sharm El Sheikh without achieving the establishment of a loss and damage response fund. A mission thirty years in the making has been accomplished,” read a statement from AOSIS Chair, Honourable Minister Molwyn Joseph of Antigua and Barbuda.

“Today, the international community has restored global faith in this critical process that is dedicated to ensuring no one is left behind. The agreements made at COP27 are a win for our entire world.”

Delegates and journalists grab some sleep during the marathon final overnight session at Cop27 in Sharm el-Sheikh


Developing and poor countries, suffering the worst climate impacts despite small carbon footprints, have called for loss and damage to be addressed for decades. The issue finally made it into Cop27 negotiations after the Egyptian presidency shepherded it onto the official Sharm agenda.

“The work that we’ve managed to do here and the results we have together achieved are a testament to our collective will as a community of nations to voice a clear message that rings loudly today, that multilateral diplomacy still works,” said Cop27 president, Egypt’s Foreign Minister Sameh Shoukry.

He spoke to the “anguish and despair” in Pakistan after catastrophic flooding this summer killed more that 1,700 people and left tens of thousands displaced. Mr Shoukry described it as a “resounding alarm” of what awaits us beyond the 1.5C temperature limit.

There was a breakthrough on establishing a fund on Saturday after the United States reversed its opposition to a fund. The US had been long opposed to a loss and damage fund over fears of legal liability as it is historically the world’s largest polluter.

Talks were dragging on 36 hours after the conference officially ended with countries struggling to overcome rifts on major issues like temperature targets and fossil fuels.

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