COP27 draft deal published, no proposal yet on 'loss and damage' funding

The United Nations climate agency on Friday published a draft negotiating text of the deal that delegates at the COP27 summit in Sharm el-Sheikh are hoping to agree in the coming days.

The text, which builds on earlier less formal iterations, did not set out the proposed solution to one of the most contentious issues at the summit, the 'loss and damage' financial arrangements to provide funding to developing countries suffering catastrophic climate events.

Instead it contained placeholder text reading: "Placeholder funding arrangement responding to loss and damage".