Diplomats from nearly 200 countries concluded two weeks of climate talks in Egypt yesterday by agreeing to establish a fund that would help poor, vulnerable countries cope with climate disasters.
A committee with representatives from 24 countries will work out the finer details of the fund over the next year.
The deal follows more than three decades of calls from developing nations for rich, industrialized nations to provide compensation for the costs of destructive weather events linked to rising temperatures.
The U.S. and other wealthy countries had long blocked the idea for fear that they could face unlimited liability in the future, which the new agreement precludes.
While the new climate agreement deals with the damages from global warming, it does far less to address the greenhouse gas emissions that are the root cause of the crisis.
To keep warming at relatively safe levels, experts say, all nations must slash their emissions much more rapidly.
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