Negotiators reportedly strike deal on U.N. climate talks

A speech being given during the COP27 climate conference in Egypt.
(Image credit: Dominika Zarzycka/NurPhoto via Getty Images)

Negotiations at the COP27 climate conference reached a peak on Saturday, as a massive slate of governments reportedly agreed to a landmark deal on United Nations-led climate talks, The Associated Press reported.

The deal would create a specialized fund to help compensate third-world countries for "loss and damage" - excessive harm caused by natural disasters and extreme weather due to climate change. While the details are still being fleshed out, Aminath Shauna, the environment minister for the Maldives, told AP that there was "an agreement on loss and damage."

"That means for countries like ours we will have the mosaic of solutions that we have been advocating for," Shauna added.

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up

New Zealand's climate minister, James Shaw, echoed a similar sentiment, saying all sides had, in effect, come to an agreement. Shaw told AP that both the countries that would provide funding and the countries that would receive funding had been finalized, though a full list has not been released.

A breakthrough in negotiations was first reported Thursday night by the European Union, which said it was willing to create the fund. However, the E.U. only agreed to the deal on the condition that the most vulnerable countries receive funding first.

The Wall Street Journal reported that the deal was reached between more than 190 countries. Reportedly, wealthier countries want nations such as China and oil-rich Middle Eastern states to contribute the most money.

The deal marks a turning point for countries such as Bangladesh, which for decades have asked for U.N. funding following natural disasters.

Justin Klawans, The Week US

Justin Klawans has worked as a staff writer at The Week since 2022. He began his career covering local news before joining Newsweek as a breaking news reporter, where he wrote about politics, national and global affairs, business, crime, sports, film, television and other news. Justin has also freelanced for outlets including Collider and United Press International.