COP27 delivers historic global warming ‘loss and damage’ fund, but no progress on fossil fuels

For the first time in 30 years of climate talks, a fund will be set up by rich countries to provide “loss and damage” funding for poor countries who have been stricken by climate disaster. While the deal reached at the COP27 climate summit in Egypt was widely hailed, the outcome of the summit was disappointing for some since it did not not address the phasing out of fossil fuels – the biggest cause of global warming.