Nations agree on COP27 deal with landmark 'loss and damage' fund

Move to support poorer countries ravaged by fallout from climate change

A screenshot shows COP27 President Sameh Shoukry delivering a statement during the closing session at the COP27 climate summit in Sharm el-Sheikh, Egypt, on Nov. 20. © Reuters

SAYUMI TAKE and RHYANNON BARTLETT-IMADEGAWA, Nikkei staff writers

November 20, 2022 14:05 JST

Updated on November 20, 2022 19:00 JST

SHARM EL-SHEIKH, Egypt/TOKYO -- Nearly 200 countries reached a deal at the COP27 climate summit early on Sunday after days of intense negotiations, with delegates thrashing out an agreement that includes plans to set up a "loss and damage" fund to support poorer countries ravaged by the fallout from rising temperatures.

Many greeted the deal as a victory for developing nations, whose demands for compensation from richer countries over the effects of climate change have been center stage at the two-week conference in the Egyptian seaside resort of Sharm el-Sheikh.