COP27 summit has reached an agreement to assist climate victims. Yet, it does nothing to reduce the use of fossil fuels.

After protracted UN climate discussions were "stonewalled" by a number of oil-producing states

The world has failed to strike an agreement to phase out fossil fuels.

Negotiators from over 200 countries agreed at the COP27 UN climate summit in Egypt to establish a "loss and damage" fund to assist vulnerable countries in dealing with climate disasters

And they agreed that the world needed to cut greenhouse gas emissions nearly in half by 2030.

In addition, the accord maintained the objective of limiting global warming to 1.5 degrees Celsius over pre-industrial levels.

An attempt to address the major source of the global warming emissions that are creating the climate problem failed because a number of countries, including China