SHARM EL-SHEIKH, Egypt/TOKYO -- Nearly 200 countries reached a deal at the COP27 climate summit early on Sunday after days of intense negotiations, with delegates thrashing out an agreement that includes plans to set up a "loss and damage" fund to support poorer countries ravaged by the fallout from rising temperatures.

Many greeted the deal 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.