The European Union has tabled a proposal that would see wealthy countries commit to financially supporting poorer nations that are most affected by climate change.

This idea to create a special fund for "the vulnerable, the damaged and the lost" concludes two weeks of talks at the COP27 summit in Sharm El-Sheikh, Egypt.

The agreement was concluded after tense negotiations that spilled over into Sunday morning. 

The details, such as how much will be added to the fund by each state, are being ironed out, but this major deal would be historic.

Poor countries

EU lead negotiator and Minister for the Environment Eamon Ryan welcomed the mooted fund, but warned that difficult negotiations are yet to come.

Pakistan's Climate Change Minister Sherry Rehman has also been engaging in the COP27 talks.

Just this summer, her country was devastated by floods that killed well over a thousand people.

"The ultimate test ... of this conference of parties is that it responded to the voices of the vulnerable, the damaged and the lost", she said.

“It is clearly a down payment on the longer investment in our joint futures."

Sharm El Sheijk, South Sinai, Egypt. Main entrance of COP27 UN Climate Change Conference. Credit: Dominika Zarzycka/SOPA Images via ZUMA Press W

Reluctant support

The move has also been welcomed reluctantly by Trócaire, a charity which supports the world's poorest communities.