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

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

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

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

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.

The summit began two weeks ago with powerful statements from vulnerable nations.

The devastating floods in at-risk nation Pakistan this summer, which killed about 1,700 people with estimated damages of $40 billion, have been a powerful backdrop at this summit.

The final overarching deal did not include commitments to “phase down” or reduce use of fossil fuels.

It also included ambiguous new language about “low emissions energy” which experts say could open the door to some fossil fuels being considered part of a green energy future.

Nations, including the G20 group, are anxious for the world to urgently cut fossil fuel use.

But developing nations or those reliant on oil and gas push back, because they want to exploit their reserves, as western countries did historically.

on the sidelines of COP27, a deal that promises to pay $20 billion to Indonesia to transition away from coal was celebrated as one of the concrete success of the summit.

Source: Oman News Agency