The 27th United Nations Climate Change Conference(COP27) closed on Sunday after a 14-day run in Sharm el-Sheikh, Egypt.

Officials from some 200 countries made historic headway with an agreement to establish a “loss and damage” fund to assist countries most vulnerable to climate disasters.

Participants vowed in the final agreement to take immediate and sustainable measures to slash greenhouse gas emissions while reaffirming the goal of keeping global warming to one-and-a-half degrees Celsius above pre-industrial levels.

Though negotiators agreed to set up the “loss and damage” fund, they have yet to settle on what kind of climate change-related disasters will be eligible and how financing will be split among contributing countries.

A June report by the Vulnerable Twenty estimated that the damage suffered by 55 countries vulnerable to climate change in the past two decades stood at 525 billion U.S. dollars.