Rich countries will pay for losses and damages caused by climate change for the first time in history.

After a night of high drama and protracted negotiations, the COP27 made history by establishing a fund for climate change losses 

And damages, a demand that developing countries facing the devastating effects of global warming have made for decades

But that rich countries have consistently blocked until now.

Applause erupted during the final plenary, which began around 4 a.m. Sunday, as COP27 President Sameh Shoukry declared that the loss

And damage fund will benefit the United Nations Framework Convention on Climate Change.

The talks had been extended by nearly two days as negotiations on controversial issues, including the fund, remained stalled.

For hours before the news, negotiations with Shoukry nearly broke down late Saturday night.