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The two-week-long climate conference in Egypt has drawn to a close with a symbolic victory in the form of a fund that will compensate some of the countries bearing the brunt of climate change-linked natural disasters. However, progress on action to keep temperatures from rising beyond 1.5°C of pre-industrial levels was limited. The 27th edition of the United Nations Conference of the Parties was projected to be an ‘implementation’ COP that would have decisively resolved questions on how developed countries, responsible for the bulk of historical emissions, would make good on an old promise to provide developing countries $100 billion annually by 2020. Despite hours of negotiations, these deadlocks remain. COP27 will certainly be remembered as the COP of Loss and Damages (L&D). A nearly three-decade-old movement, first initiated by the island nation of Vanuatu and the Alliance of Small Island States, has come to partial fruition. There will now be a dedicated fund to compensate the most vulnerable developing countries that are already bearing the brunt of climate change-linked natural disasters. L&D refers to impacts of climate change that cannot be avoided either by mitigation (cutting greenhouse gas emissions) or adaptation (modifying practices to buffer against climate change impacts). This broadens the scope for affected nations to claim compensation.