COP27 summit: Who will pay for loss and damages of climate change — and how much?

The COP27 climate summit in Egypt was supposed to end Friday, but went into overtime as world leaders hashed out a new agreement to tackle the climate crisis, and to compensate the smaller nations bearing the brunt of it.

For the first time ever, there is an agreement to create a “loss and damage” fund which would cover climate-change damages incurred by poorer countries — such as those in Africa devastated by drought and famine.

But key questions remain unanswered: which countries and industries will pay for it and how much? Those details will be decided over the next year.

As Mike Drolet reports, the other big issue on the table was the COP26 goal of reducing emissions in hopes of keeping global warming under 1.5 degrees Celsius.

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