Delegates at the UN COP27 climate conference in Egypt have agreed to set up a "loss and damage" fund to help vulnerable countries cope with climate disasters. The agreement is the first of its kind under the UN framework.

Developing and industrialized countries were divided over financial assistance for losses caused by climate change.

While developing countries were calling for a "loss and damage" fund, industrialized countries were more cautious.

The conference started on November 6, and was initially scheduled to end on Friday before it was extended as negotiations on this issue continued.