COP27: Historic ‘loss and damage’ deal reached at climate talks

Exhausted after two weeks of talks and 24 hours of last-ditch haggling, negotiators emerged as dawn broke in Sharm el Sheikh with a deal… of sorts.

Developing nations hailed as historic, the establishment of a so-called “loss and damage” fund to compensate poorer countries hit by climate change.

But who pays and how much is still up in the air – China is unhappy at suggestions it should join developed nations in footing the bill.

And with gas now potentially classed a “low emission energy” and no fresh commitments to phase out fossil fuels, Britain’s climate envoy warns the aim of limiting global warming to 1.5 degrees was on “life support”.