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Climate Politics

COP27 Poised for Deal After Breakthrough on Climate Payments

  • US and China announce restart of formal climate cooperation
  • Progress made on issue of loss and damage for poorer nations
Delegates attend a plenary session at the COP27 climate conference in Sharm El-Sheikh, Egypt, on Nov. 7.
Delegates attend a plenary session at the COP27 climate conference in Sharm El-Sheikh, Egypt, on Nov. 7.Photographer: Islam Safwat/Bloomberg
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The COP27 climate talks in Egypt, which had appeared close to collapse on Saturday morning, were poised for a last-minute deal after progress on a landmark agreement to pay poorer countries for harm caused by global warming. 

The proposal would establish a new fund next year for the cost of climate disasters. In return Europe, pushed for tougher language on reducing emissions. After hours of wrangling with countries including China, Brazil and Saudi Arabia, changes were agreed to that part of the deal, putting a final text within reach.