This is major breakthrough 
Now the work starts to deliver this fund and ensure it reaches the vulnerable communities on the frontline of the climate crisis.
However there’s a lack of any reference for an ‘equitable phase out of ALL fossil fuel’ . So even with the 1.5C goal reaffirmed, we are not stopping the polluters just making them pay. 
Basically it is a fund for keeping the destruction. 
“Negotiators from nearly 200 countries at the COP27 UN climate summit in Egypt took the historic step of agreeing to set up a "loss and damage" fund meant to help vulnerable countries cope with climate disasters and agreed the globe needs to cut greenhouse gas emissions nearly in half by 2030.
The agreement also reaffirmed the goal of keeping global warming to 1.5 degrees Celsius above pre-industrial levels.”

https://www.cnn.com/2022/11/19/world/cop27-egypt-agreement-climate-intl/index.html

History was made in Sharm El-Sheikh at the #COP27 : Major polluters have been put on notice. The time has come for them to hold them accountable for the harm they’re causing and pay up their ecological debt. #LossAndDamage . This fund is long overdue, so today it’s a day for justice to the billions of people that are victims of the climate crisis. There's hope.
It is not a perfect agreement but the creation of a new loss and damage fund is an opportunity to build trust and revamp international solidarity towards a more just word.
And it takes us forward to honor the #parisagreement #cop27Egypt2022 #biodiversity #ClimateJustice #ClimateChange

https://www.theguardian.com/environment/2022/nov/20/cop27-agrees-to-historic-loss-and-damage-fund-to-compensate-developing-countries-for-climate-impacts