COP27 highlights In historic move, nations agree to pay to help vulnerable countries with climate disasters

Negotiators reached a deal on a “loss and damage fund” that represented a significant shift for U.S. leaders, who have long feared such payments could make the nation liable for huge sums, given its historical contribution to emissions.

The European Union’s Frans Timmermans expressed disappointment with the conference outcome, saying “the world will not thank us” when there are only excuses for why nations did not agree to move more boldly to slow global warming.

Shoukry said the deal before delegates represents “the highest ambition that can be reached at this time.” He urged attendees to consider the agreement “a gateway” to more substantive actions that must take place over time.