Mikael Karlsson has tweeted the EU proposal here.

Good morning, and welcome to the Guardian’s live coverage of the Cop27 climate talks.

Today is theoretically the final day of the conference, but these events usually overrun and most people expect it to last into Saturday and possibly even Sunday.

However, a major step forward came overnight as the European Union agreed to support the creation of a fund for loss and damage finance – that is, money provided by rich countries to help poorer countries adapt to and recover from the devastating effects of the climate crisis.

My colleagues Fiona Harvey and Adam Morton have the full story here:

Patrick Greenfield will be here shortly, and you can reach him at [email protected] or on Twitter at @pgreenfielduk.

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