• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

The millennial generation has split, new Fed research shows: Those over 35 are edging toward boomer-style wealth, while everyone else falls behind

2

Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock

3

Scott Bessent casually says the U.S. has more than $1 trillion in gold—and that it doesn’t matter for the dollar

1

The millennial generation has split, new Fed research shows: Those over 35 are edging toward boomer-style wealth, while everyone else falls behind

2

Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock

3

Scott Bessent casually says the U.S. has more than $1 trillion in gold—and that it doesn’t matter for the dollar
Environmentclimate change

COP27 to discuss rich nations helping poor ones with climate-disaster damage and loss: ‘A reasonable sum is more than zero’

By
John Ainger
John Ainger
,
Salma El Wardany
Salma El Wardany
,
Jeanna Smialek
Jeanna Smialek
, and
Bloomberg
Bloomberg
Down Arrow Button Icon
By
John Ainger
John Ainger
,
Salma El Wardany
Salma El Wardany
,
Jeanna Smialek
Jeanna Smialek
, and
Bloomberg
Bloomberg
Down Arrow Button Icon
November 6, 2022, 10:34 AM ET
A girl crosses a flooded street in Pakistan's Balochistan province on Oct. 4, 2022.
A girl crosses a flooded street in Pakistan's Balochistan province on Oct. 4, 2022.Fida Hussain—AFP/Getty Images
Add Fortune on Google for similar content.

UN climate talks began in Egypt with a breakthrough agreement to discuss the financing of damages caused by increasingly extreme weather events — an issue that had exposed splits between rich and poor nations.

The agreement, reported in advance by Bloomberg, will allow diplomats and leaders to officially debate the issue for the first time during the two week-long conference in the Egyptian seaside town of Sharm el-Sheikh. 

Egypt’s Foreign Minister Sameh Shoukry, who took up Sunday his position as president of COP27, said the breakthrough was reached after 48 hours of intense talks and would aim to reach a conclusive decision on loss and damage “no later than 2024.” 

“This creates for the first time an institutionally stable space on the formal agenda of the COP and the Paris Agreement to discuss the pressing issue of funding arrangements needed to deal with existing gaps in responding to loss and damage,” he said.

“Inclusion of this agenda reflects a sense of solidarity and empathy with the suffering of the victims of climate-induced disasters.”

Developing countries and small island states, which contributed a tiny amount to historical emissions of planet-warming gases but have suffered some of the worst effects of climate change, stepped up in recent weeks a push for the issue to be discussed. 

The demand has been on the table since Conference of Parties, or COP, meetings started in the early 1990s. However, industrialized nations that have prospered for two centuries at the expense of the planet had repeatedly blocked efforts to even debate the issue, fearing that it would open up demands for billions of dollars in compensation to poor nations.

Recent climate disasters, such as the floods in Pakistan, have given new impetus to the push. 

The smooth adoption of the agenda followed sustained behind-the-scenes negotiations to reach a compromise and avoid a messy skirmish during the first hour of the conference. The opening session was delayed for more than an hour to accommodate final talks over the wording and content of the agenda item.

An advance version of the official agenda showed an item entitled: “Matters relating to funding arrangements responding to loss and damage associated with the adverse effects of climate change, including a focus on addressing loss and damage.”

Shoukry said a compromise had been reached to ground the discussion in “cooperation and facilitation” and not “liability or compensation.”  

A year of record heat waves, drought and floods has added a new urgency to this year’s climate talks, which are taking place in a developing country already suffering some of the more severe effects. 

Egypt already suffers suffocating heat. The flow of the Nile is dwindling and rising sea levels are damaging some of its most fertile farmland. 

While an agreement on an agenda item is a diplomatic success, countries will now have to work out how best to measure loss and damage and how much money will be put on the table by the wealthiest. Those from developing nations have been burned before. A plan announced in 2009 to provide an annual $100 billion of mitigation and adaptation finance has never been met.

“A reasonable sum is more than zero,”Saleemul Huq, a professor at the Independent University in Bangladesh, said in an interview. “Right they’re offering zero, which is absolutely unacceptable.”

As Egypt formally took the presidency at the opening session on Sunday, one official after another called for the global gathering to move from a forum of talks, to one of implementation. 

“This is an historic step toward ensuring that vulnerable countries have the financial need to address the increasingly severe climate impacts they’re facing,” said David Waskow, director of the World Resources Institute’s international climate initiative.

— With assistance by Laura Millan Lombrana, Mirette Magdy and Akshat Rathi

Sign up for the Fortune Features email list so you don’t miss our biggest features, exclusive interviews, and investigations.
About the Authors
By John Ainger
See full bioRight Arrow Button Icon
By Salma El Wardany
See full bioRight Arrow Button Icon
By Jeanna Smialek
See full bioRight Arrow Button Icon
By Bloomberg
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Environment

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • TikTok icon
  • YouTube icon

Latest in Environment

Northrop Grumman launches private robot mission to strap jetpacks on aging satellites
InnovationSpaceX
Northrop Grumman launches private robot mission to strap jetpacks on aging satellites
By Marcia DunnJuly 22, 2026
24 hours ago
A ski worker in winter skiing gear strikes a pose in front of a ski slope in Lesotho.
Travel & LeisureDonald Trump
In Lesotho, the country’s only fully operational ski resort offers snowy slopes for Africa’s ski enthusiasts
By The Associated Press and Mogomotsi MagomeJuly 21, 2026
2 days ago
Lauren Sánchez Bezos put $34 million behind reinventing what clothes are made of—and stirred a debate about Amazon
Environmentphilanthropy
Lauren Sánchez Bezos put $34 million behind reinventing what clothes are made of—and stirred a debate about Amazon
By Sydney LakeJuly 21, 2026
2 days ago
bird
EnvironmentAnimals
The rare ‘great conservation success story’ is happening off New England as $10 million over 10 years brings back the quirky oystercatcher bird
By Michael Casey and The Associated PressJuly 21, 2026
2 days ago
k
Commentarypower
What I keep hearing from Fortune 500 CEOs: ‘We have no idea what we’re actually paying for power’
By Kiran BhatrajuJuly 21, 2026
2 days ago
FIFA President Gianni Infantino puts up a hand to show a thumbs up gesture at a World Cup game.
EnvironmentWorld Cup
FIFA President Infantino spent over 100 hours in the air during the 2026 World Cup amid pledge to reduce carbon emissions
By The Associated Press and Rio YamatJuly 20, 2026
3 days ago

Most Popular

The millennial generation has split, new Fed research shows: Those over 35 are edging toward boomer-style wealth, while everyone else falls behind
Real Estate
The millennial generation has split, new Fed research shows: Those over 35 are edging toward boomer-style wealth, while everyone else falls behind
By Nick LichtenbergJuly 22, 2026
1 day ago
Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock
Success
Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock
By Sasha RogelbergJuly 20, 2026
3 days ago
Scott Bessent casually says the U.S. has more than $1 trillion in gold—and that it doesn’t matter for the dollar
Economy
Scott Bessent casually says the U.S. has more than $1 trillion in gold—and that it doesn’t matter for the dollar
By Sasha RogelbergJuly 22, 2026
22 hours ago
Mathematicians grapple with a ‘very rapid and very unsettling change’ as AI cracks yet another century-old problem
AI
Mathematicians grapple with a ‘very rapid and very unsettling change’ as AI cracks yet another century-old problem
By Eva RoytburgJuly 21, 2026
2 days ago
Despite a $156 million contract, Knicks star Jalen Brunson still calls his parents for financial advice any time he makes a big purchase
Success
Despite a $156 million contract, Knicks star Jalen Brunson still calls his parents for financial advice any time he makes a big purchase
By Emma BurleighJuly 21, 2026
2 days ago
'The man who dies rich dies disgraced': The last time America had such wealth inequality, Andrew Carnegie knew he had to give it all away
Success
'The man who dies rich dies disgraced': The last time America had such wealth inequality, Andrew Carnegie knew he had to give it all away
By Nick LichtenbergJuly 22, 2026
24 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.