The failure by rich nations to deliver in full on a past pledge to deliver $100 billion in annual climate finance to developing countries has rankled in recent years of climate talks.
"We cannot afford a further erosion of trust between the developed and developing countries," said Samoa's Prime Minister Fiame Naomi Mataafa.
The burning of fossil fuels is the main cause of climate change, but coal, gas and oil were notably absent in the draft deal.
The draft COP27 text did not hint at which route the final deal will take on this issue.
"We cannot lose 1.5 at this COP," said Alok Sharma, president of last year's U.N. climate summit, COP26, in Glasgow, Scotland.