The UN climate summit has agreed to establish a historic fund to pay for climate-related damage in poorer countries after working beyond sunrise in Egypt on Sunday, but backed down on greater cuts to greenhouse gas emissions and an end to fossil fuel use.
Almost 200 countries at the summit achieved a breakthrough for a fund to cover the “l(fā)oss and damage” that “particularly vulnerable” nations are suffering from climate change.
Negotiators agreed to set up a structure by the next summit in 2023, with contributors and recipients still to be determined by a committee of 24 countries. It does not ascribe liability to any payments.
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