Experts say biggest economies must pledge more cuts to carbon emissions but hail agreement to set up loss and damage fund

The world still stands “on the brink of climate catastrophe” after the deal reached at the Cop27 UN climate summit on Sunday, and the biggest economies must make fresh commitments to cut greenhouse gas emissions, climate experts and campaigners have warned.

The agreement reached in Sharm el-Sheikh early on Sunday morning, after a marathon final negotiating session that ran 40 hours beyond its deadline, was hailed for providing poor countries for the first time with financial assistance known as loss and damage. A fund will be set up by rich governments for the rescue and rebuilding of vulnerable areas stricken by climate disaster, a key demand of developing nations for the last 30 years of climate talks.

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