SHARM EL-SHEIKH, Egypt -- Delegates at the COP27 climate summit in Egypt have agreed to set up a "loss and damage" fund to support poorer countries ravaged by the fallout from rising temperatures.

The agreement is likely to be seen as a victory for developing nations, whose demands for compensation from richer countries over the effects of climate change have been center stage at the two-week conference in the seaside resort of Sharm el-Sheikh.