SHARM EL-SHEIKH - The United Nations on Monday published a draft text setting out what the COP27 climate summit could agree on the subject of 'loss and damage' financing for countries being ravaged by climate impacts.

The draft text will be debated and likely revised before its hoped-for adoption at the end of the summit, negotiators said. Progress on the loss and damage issue is a key goal of the talks in Egypt, and for some countries a measure of whether the talks will succeed.

The draft text outlines several options for financially supporting developing countries hit by climate-fueled disasters. One of those options is setting up a new fund - a key demand by developing countries.

The text also envisions two more years of negotiations on the issue.

(Reporting by William James; editing by Frank Jack Daniel)