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Rich countries agreed to pay developing nations for climate damage - collecting the money will be tough | Business Insider

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In the end, no one got everything they wanted at the United Nations' climate summit.

Catherine Boudreau/InsiderFossil fuel interests prevailed, with countries walking away with few new plans to curb pollution.In the end, no one got everything they wanted at the United Nations' climate summit. — 30 years in the making — for rich countries to pay developing nations for the damages they are already facing from a warming planet.

"This COP has taken an important step towards justice," Guterres said."But let's be clear. Our planet is still in the emergency room. We need to drastically reduce emissions now — and this is an issue this COP did not address. A fund for loss and damage is essential, but it's not an answer if the climate crisis washes a small island state off the map or turns an entire African country to desert.

The Biden administration changed its position ahead of COP27 and supported putting the issue on the formal agenda and Europe was key in brokering the final deal with small island states. The specifics of what countries will pay still need to be hashed out over the next year, with John Kerry, the US climate envoy, calling on China to contribute. That country, despite being the world's largest polluter, is considered a developing country by international institutions and therefore isn't obligated to contribute to climate finance.

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