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Climate Politics

UN Adopts Historic Pact on Payments for Climate Damages

  • New fund acknowledges developing world’s climate costs
  • Details on how it will work and money going in still uncertain

The COP27 climate talks in Egypt, which came close to collapse on their final day, neared resolution Sunday with a last-minute deal to create a fund to aid poor countries harmed by the impacts of climate change.

The agreement marks a landmark moment in global climate politics -- an acknowledgment that richer nations are responsible to the developing world for the harm caused by rising temperatures. The deal, which was adopted without a single objection, responds to a key demand of developing nations and small island states.