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Climate costs deal struck but no fossil fuel progress

21 November 2022 06:28 (UTC +04:00)

A historic deal has been struck at the UN's COP27 summit that will see rich nations pay poorer countries for the damage and economic losses caused by climate change, APA reports citing BBC.

It ends almost 30 years of waiting by nations facing huge climate impacts.

But developed nations left dissatisfied over progress on cutting fossil fuels.

"A clear commitment to phase-out all fossil fuels? Not in this text," said the UK's Alok Sharma, who was president of the previous COP summit in Glasgow.

This year's talks in Sharm el-Sheikh, Egypt, came close to collapse, and overran by two days.

Luke-warm applause met the historic moment the "loss and damage fund" was agreed in the early hours of Sunday, as a confusing and often chaotic 48 hours left delegates exhausted.

It is, though, a huge symbolic and political statement from developed nations that long resisted a fund that covers climate impacts like flooding and drought.