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In COP27 overtime, world leaders reach deal on climate disaster aid for vulnerable nations

World leaders reached a deal for wealthy nations to pay billions of dollars into a loss and damage fund to help developing countries deal with climate disasters.

Aerial views of melt pools and melt rivers on Petermann Glacier in remote northwest Greenland
Aerial views of melt pools and melt rivers on Petermann Glacier in remote northwest Greenland (AN/Dave Walsh/Climate Visuals)

Negotiators clinched a deal in overtime at the U.N. climate talks at Sharm el-Sheik, Egypt, for rich nations to compensate poorer nations grappling with the effects of global warming.

The deal calls for the establishment of a dedicated fund that helps developing countries by paying for so-called loss and damage, or reparations, from climate-affected droughts, floods and other extreme weather.

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