Climate change costs deal struck at COP27, but no fossil fuel progress

A historic deal has been struck at the UN's COP27 summit that will see rich nations pay poorer countries for damage and economic losses caused by climate change.

It ends almost 30 years of waiting by nations facing huge climate impacts, like flooding and drought.

But developed nations left the summit dissatisfied over progress on fossil fuels, as the final overarching deal did not include commitments to "phase down" or reduce use of them.

"I am confident we have turned a corner in how we work together to achieve climate goals," said Pakistan's climate minister Sherry Rehman, who negotiated for the bloc of developing countries plus China.