COP27 closes with new deal on climate fund

Negotiators have approved an historic deal to create a fund for compensating poor nations that are victims of extreme weather worsened by rich countries' carbon pollution.

The decision establishes a fund for what negotiators call loss and damage.Lia Nicholson, Representative of the delegation of Antigua and Barbuda said "Establishing this fund signals to the world that loss and damage will no longer solely be borne by those governments and people least responsible.

Today is a step towards climate justice." Next year's talks, in the United Arab Emirates, will see further negotiations to work out details of the new fund.