At this year's international climate talks, one of the biggest announcements so far was that the last eight years are on track to be the hottest ever recorded, thanks to the effects of greenhouse gas emissions. Another big topic up for discussion at COP27 is who is going to pay for the damage caused by that increase in temperature.

This is the first time that climate "funding arrangements" will come up at an international climate conference. It represents a big step forward for the emerging economies that say they've been harmed by the climate change that's primarily been caused by industrialized countries.

"We are not asking for favors," reads a statement from an organization of vulnerable governments, the Alliance of Small Island States. "We will not be silent victims to the cost of pollution created by others, for the profit of the few."

Despite currently being the top emissions producers in the world, China is leading the call for other developed countries to pay for climate damage. At the conference, France also supported calls for a discussion on the topic.

The United States, the second largest greenhouse gas emitter, is joined by the European Union in its criticism of funding arrangements. According to critics of the idea, creating a climate relief fund could open up the door for endless claims for compensation. While the conference is making time to discuss the topic, it is still a long way away from taking any action.

In the meantime, as Simon Stiell, the head of the United Nations climate change agency, put it "Climate change is ever-present and will only get worse."

Over the past century and a half, the average temperature of the earth has increased by 1.1 degrees Celsius, contributing to more frequent and severe weather events. Sea levels are rising twice as quickly as they were in the 90s, and there's more methane and carbon-dioxide in the atmosphere than ever before. These changes exactly match projections made by scientists decades ago.

The international consensus may be far from settled, but at least one country has started to make an effort to pay vulnerable countries for the harm caused by climate change. On Wednesday, November 9, New Zealand Foreign Minister Nanaia Mahuta said the country would be paying the equivalent of $12 million to compensate developing countries for climate losses and damage.