US reverses position and agrees to put money towards a fund that would help poorer nations address climate change

The New York Times reported that world leaders agreed on Sunday to set up a fund for poorer nations at the United Nations climate summit in Egypt.

The final agreement for a "loss and damage fund" would require 24 countries to work together to arrange the details of who will contribute to the fund, who will receive funds, and where the money would go.

Developing countries can't sue developed countries for these payments.

The United Nations puts on a yearly summit to address the adverse impacts of climate change. After the UN Framework Convention on Climate Change was adopted in 1992, the COP began meeting every year.

The UN has been asked to implement a loss and damage fund by developing countries.

The decision will pave the way for developing countries, who are often the least responsible for the effects of climate change, to be compensated for their losses.

In order to make headway on the fund, many developing nations pressed the rest of the world during the two week summit. The Times reported that these countries were able to get it on the official agenda for the first time at an annual summit.

Pakistan, which experienced record-setting deadly floods at the end of summer this year, was one of the countries that pushed for the fund.

Before this year's summit, Scotland was the only developed nation that was willing to give money to other nations. The US has sidestepped the agreement in order to avoid legal repercussions.

The Times reported that during this year's climate talks, developing nations in Europe pledged millions of dollars to help combat the effects of climate change. The US agreed to the fund after a bit of resistance.

Pakistan's minister for climate change told the Times that the announcement offered hope to vulnerable communities all over the world who are fighting for their survival from climate stress.