The deal to create a "loss and damage" fund was hailed as a breakthrough for developing country negotiators at the COP27 climate talks in Egypt, overcoming years of resistance from wealthy nations in European Union and United States. Morgan, along with Chile's environment minister, led the working group that came up with the U.N. deal on loss and damage. The fund was created on the principle that rich, industrialized nations that are responsible for most of the world's greenhouse emissions should pay developing countries for the damage caused to the climate. But Morgan said the fund needed to go beyond public money from industrialized countries to find innovative funding sources. Climate Envoy John Kerry told Reuters that the United States consulted with COP27 host Egypt and the United Nations on loss and damage, proposing that the fund be created in 2023 rather than 2024.

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