COP27 Summit Strikes Historic Deal to Fund Climate Damages

Sameh Shoukry, president of the COP27 climate summit, right, speaks during a closing plenary session at the UN Climate Summit. Image Credit: AP
Sameh Shoukry, president of the COP27 climate summit, right, speaks during a closing plenary session at the UN Climate Summit. Image Credit: AP
TT

COP27 Summit Strikes Historic Deal to Fund Climate Damages

Sameh Shoukry, president of the COP27 climate summit, right, speaks during a closing plenary session at the UN Climate Summit. Image Credit: AP
Sameh Shoukry, president of the COP27 climate summit, right, speaks during a closing plenary session at the UN Climate Summit. Image Credit: AP

An often fraught UN climate summit wrapped up on Sunday with sweeping agreement on how to tackle global warming and a "historic" deal to create a special fund to cover the damages suffered by vulnerable nations.

The two-week talks, which at times appeared to teeter on the brink of collapse, delivered a major breakthrough on a fund for climate "loss and damage" but left some disappointed over a failure to push further ambition on cutting emissions.

Delegates applauded after the loss and damage fund was adopted as the sun came up Sunday following days of marathon negotiations over the proposal.

Collins Nzovu, Zambia's minister of green economy and environment, said he was "excited, very, very excited."

"This is a very positive result from 1.3 billion Africans," he told AFP.

"Very exciting because for us, success in Egypt was going to be based on what we get from loss and damage."

A final COP27 statement covering the broad array of the world's efforts to grapple with a warming planet held the line on the aspirational goal of limiting global warming to 1.5 degrees Celsius from pre-industrial levels.

It also included language on renewable energy for the first time, while reiterating previous calls to accelerate "efforts towards the phasedown of unabated coal power and phase-out of inefficient fossil fuel subsidies".

But that failed to go much further than a similar decision from last year's meeting in Glasgow on key issues around, disappointing observers.

"New calls to accelerate deployment of renewable energy were very welcome," said Ani Dasgupta, head of the World Resources Institute.

"But it is mind-boggling that countries did not muster the courage to call for phasing down fossil fuels, which are the biggest driver of climate change."

As the final session stretched until sunrise after crunch talks went overnight, some delegates slept in their chairs, others struggled to keep their eyes open.

UN chief Antonio Guterres said the UN climate talks had "taken an important step towards justice" with the loss and damage fund.

"Clearly, this won't be enough, but it is a much needed political signal to rebuild broken trust. The voices of those on the frontline of the climate crisis must be heard," he said in a recorded message.

- 'Historic' deal -
A statement from the Alliance of Small Island States, comprised of islands whose very existence is threatened by sea level rise, said the loss and damage deal was a "historic" deal 30 years in the making.

"The agreements made at COP27 are a win for our entire world," said Molwyn Joseph, of Antigua and Barbuda and chair of AOSIS.

"We have shown those who have felt neglected that we hear you, we see you, and we are giving you the respect and care you deserve."

Conversely the deal on loss and damage -- which barely made it onto the negotiation agenda -- gathered critical momentum during the talks.

Developing nations relentlessly pushed for the fund during the summit, finally succeeding in getting the backing of wealthy polluters long fearful of open-ended liability.

With around 1.2C of warming so far, the world has seen a cascade of climate-driven extremes in recent months, shining a spotlight on the plight of developing countries faced with escalating disasters, as well as an energy and food price crisis and ballooning debt.

The World Bank estimated that devastating floods in Pakistan this year caused $30 billion in damage and economic loss.

Pakistan's Climate Minister Sherry Rehman said prior to the fund's approval that its creation would be "a historic reminder to vulnerable people all over the world that they have a voice and that if they unite... we can actually start breaking down barriers that we thought were impossible".

The fund will be geared towards developing nations "that are particularly vulnerable to the adverse effects of climate change" -- language that had been requested by the EU.

The EU had pushed for the wording with the aim of ensuring that wealthier developing countries such as China, which has grown into the world's second biggest economy, are not beneficiaries of the fund.

- 'On the brink' -
The Europeans had also wanted to broaden the funder base to cough up cash -- code for China and other better-off emerging countries.

The final loss and damage text left many of the thornier questions to be dealt with by a transitional committee, which will report to next year's climate meeting in Dubai to get the funding operational.

On Saturday morning, with the talks already in overtime, the European Union said it was prepared to have "no result" rather than a bad one over concerns around ambition on emissions cuts.

Scientists say limiting warming to 1.5C is a far safer guardrail against catastrophic climate impacts, with the world currently far off track and heading for around 2.5C under current commitments and plans.

"The historic outcome on loss and damage at COP27 shows international cooperation is possible," said Mary Robinson, former president of Ireland and Chair of The Elders.

"Equally, the renewed commitment on the 1.5C global warming limit was a source of relief. However, none of this changes the fact that the world remains on the brink of climate catastrophe."



Iran Warns US Troops, Israel Will Be Targets if America Strikes

FILE PHOTO: Protesters gather as vehicles burn, amid evolving anti-government unrest, in Tehran, Iran, in this screen grab obtained from a social media video released on January 9, 2026. Social Media/via REUTERS/File Photo
FILE PHOTO: Protesters gather as vehicles burn, amid evolving anti-government unrest, in Tehran, Iran, in this screen grab obtained from a social media video released on January 9, 2026. Social Media/via REUTERS/File Photo
TT

Iran Warns US Troops, Israel Will Be Targets if America Strikes

FILE PHOTO: Protesters gather as vehicles burn, amid evolving anti-government unrest, in Tehran, Iran, in this screen grab obtained from a social media video released on January 9, 2026. Social Media/via REUTERS/File Photo
FILE PHOTO: Protesters gather as vehicles burn, amid evolving anti-government unrest, in Tehran, Iran, in this screen grab obtained from a social media video released on January 9, 2026. Social Media/via REUTERS/File Photo

Nationwide protests challenging Iran’s regime saw protesters flood the streets in the country’s capital and its second-largest city into Sunday, crossing the two-week mark as violence surrounding the demonstrations has killed at least 116 people, activists said.

With the internet down in Iran and phone lines cut off, gauging the demonstrations from abroad has grown more difficult. But the death toll in the protests has grown, while 2,600 others have been detained, according to the US-based Human Rights Activists News Agency.

Meanwhile, Iran's parliament speaker warned the US military and Israel would be “legitimate targets” if America strikes Iran, as threatened by President Donald Trump.

Trump offered support for the protesters, saying on social media that “Iran is looking at FREEDOM, perhaps like never before. The USA stands ready to help!!!”

The New York Times and Wall Street Journal, citing anonymous US officials, said on Saturday night that Trump had been given military options for a strike on Iran, but hadn’t made a final decision.

The State Department separately warned: “Do not play games with President Trump. When he says he’ll do something, he means it.”

Iranian state television broadcast the parliament session live. Qalibaf gave a speech applauding police and Iran's Revolutionary Guard, particularly its all-volunteer Basij, for having “stood firm” during the protests.

“The people of Iran should know that we will deal with them in the most severe way and punish those who are arrested,” Qalibaf said.

He went on to directly threaten Israel, “the occupied territory” as he referred to it, and the US military, possibly with a preemptive strike.

“In the event of an attack on Iran, both the occupied territory and all American military centers, bases and ships in the region will be our legitimate targets,” Qalibaf said. “We do not consider ourselves limited to reacting after the action and will act based on any objective signs of a threat.”


Sources: Israel on High Alert for Possibility of US Intervention in Iran

In this frame grab from video taken by an individual not employed by The Associated Press and obtained by the AP outside Iran shows people during a protest in Tehran, Iran, Friday, Jan. 9, 2026. (UGC via AP)
In this frame grab from video taken by an individual not employed by The Associated Press and obtained by the AP outside Iran shows people during a protest in Tehran, Iran, Friday, Jan. 9, 2026. (UGC via AP)
TT

Sources: Israel on High Alert for Possibility of US Intervention in Iran

In this frame grab from video taken by an individual not employed by The Associated Press and obtained by the AP outside Iran shows people during a protest in Tehran, Iran, Friday, Jan. 9, 2026. (UGC via AP)
In this frame grab from video taken by an individual not employed by The Associated Press and obtained by the AP outside Iran shows people during a protest in Tehran, Iran, Friday, Jan. 9, 2026. (UGC via AP)

Israel is on high alert for the possibility of any US intervention in Iran as authorities there confront the biggest anti-government protests in years, according to three Israeli sources with knowledge of the matter.

President Donald Trump has repeatedly threatened to intervene ⁠in recent days and warned Iran’s rulers against using force against demonstrators. On Saturday, Trump said the US stands “ready to help”.

The sources, who were present ⁠for Israeli security consultations over the weekend, did not elaborate on what Israel’s high-alert footing meant in practice, Reuters reported. Israel and Iran fought a 12-day war in June.

In a phone call on Saturday, Israeli Prime Minister Benjamin Netanyahu and US Secretary ⁠of State Marco Rubio discussed the possibility of US intervention in Iran, according to an Israeli source who was present for the conversation. A US official confirmed the two men spoke but did not say what topics they discussed.


NKorea Says Another SKorean Drone Entered its Airspace

These images taken on January 4, 2026 and released as a combo image by North Korea's official Korean Central News Agency (KCNA) via KNS on January 10, 2026 shows an aerial view of Kaesong city, which North Korea claims is footage taken retrieved from a drone from South Korea that violated North Korean airspace and brought down by specialized electronic warfare assets. (Photo by KCNA VIA KNS / AFP)
These images taken on January 4, 2026 and released as a combo image by North Korea's official Korean Central News Agency (KCNA) via KNS on January 10, 2026 shows an aerial view of Kaesong city, which North Korea claims is footage taken retrieved from a drone from South Korea that violated North Korean airspace and brought down by specialized electronic warfare assets. (Photo by KCNA VIA KNS / AFP)
TT

NKorea Says Another SKorean Drone Entered its Airspace

These images taken on January 4, 2026 and released as a combo image by North Korea's official Korean Central News Agency (KCNA) via KNS on January 10, 2026 shows an aerial view of Kaesong city, which North Korea claims is footage taken retrieved from a drone from South Korea that violated North Korean airspace and brought down by specialized electronic warfare assets. (Photo by KCNA VIA KNS / AFP)
These images taken on January 4, 2026 and released as a combo image by North Korea's official Korean Central News Agency (KCNA) via KNS on January 10, 2026 shows an aerial view of Kaesong city, which North Korea claims is footage taken retrieved from a drone from South Korea that violated North Korean airspace and brought down by specialized electronic warfare assets. (Photo by KCNA VIA KNS / AFP)

North Korea said on Saturday that South Korea flew another drone into its airspace on January 4, infringing on its sovereignty, according to state media KCNA.

The announcement, which comes before North Korea holds a key party congress that will lay out policies for the next five years, sets the stage for cementing leader Kim Jong Un's rhetoric that South Korea is a foreign and hostile nation, an analyst said.

The drone, which originated from an island in the South Korean city of Incheon, flew 8 km (5 miles) before it was shot down inside North Korean airspace, KCNA said, citing a spokesperson for the North Korean military.

The drone was equipped with surveillance cameras to record "major" North Korean facilities, ⁠Reuters quoted KCNA as saying. Photos on KCNA showed a drone salvaged in pieces, electronic parts and aerial photos of buildings that KCNA said the drone had taken.

KCNA said the incident follows a September incursion by another South Korean drone that was shot over Kaesong.

"Even after the change of a regime... (South Korea) has continued to commit such acts of provocation by drones near the border," KCNA said, calling South Korea its "enemy most hostile".

Since South Korean President Lee Jae Myung took office in June, North Korea has rebuffed conciliatory gestures from Lee's administration. Lee had ⁠pledged to re-engage with Pyongyang to defuse tensions on the Korean Peninsula.

South Korea's military said on Saturday it does not operate the drone model in question, it did not operate drones on the date North Korea is claiming, and it will conduct a thorough investigation of a civilian possibly having operated the drone.

"We have no intention of provoking North Korea, and we will continue to take practical measures and efforts to ease... tensions and build trust," South Korea's military said in a statement.

The drone and electronics parts shown by North Korean state media are low-cost consumer products, and the captured video it revealed is of areas that do not have particular information value or military targets, said North Korean expert Hong Min at the Korea Institute for National Unification.

"The South Korean military already has a ⁠number of high-value assets that can clearly monitor the area near the armistice line," Hong said, making it unlikely that it was the South Korean military.

The timing of North Korea's mention of the drones is notable, as it comes just before North Korea's 9th Party Congress expected to be held soon.

Kim Jong Un's rhetoric of deeming the relationship between the two Koreas as two hostile countries, first introduced in 2024, is expected to be cemented further at the congress and may be put into North Korea's constitution this year, Hong said.

North Korea previously accused South Korea of sending a drone over Pyongyang in October 2024.

South Korea's former President Yoon Suk Yeol was accused by Seoul's special prosecutor late last year of ordering the Pyongyang drone operation to use military tensions between Pyongyang and Seoul as a justification for declaring emergency martial law.

Yoon has denied the charge, with his legal counsel saying the performance of the president's duties cannot be framed as a crime after the fact.