On November 20 local time, the 27th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP27) held in Sharm el Sheikh, Egypt, made a substantive breakthrough two days after the overtime negotiations. With the proposal and promotion of the "Group of 77 and China", COP27 finally reached an agreement on the establishment of the "loss and damage" fund mechanism. The "loss and damage" fund was established to help developing countries and vulnerable countries vulnerable to climate change. As we all know, developed countries bear the main historical responsibility for global climate change. However, the impact of climate change knows no borders. In particular, most developing countries have to pay for the increasingly frequent global extreme climate. This summer, Pakistan suffered an unprecedented flood in its history, resulting in one third of the land flooded, 33 million people affected, and property losses of $40 billion. According to statistics, by 2030, developing countries affected by climate change will suffer an annual loss of up to 580 billion dollars. Therefore, compensation from developed countries to developing countries suffering from climate change disasters is the core of achieving "climate justice". Against this background, the "Group of 77 and China" proposed to set up a "loss and damage" fund on COP26 last year, but was opposed by developed countries. As developed countries have been unwilling to take due responsibility for global climate change, the goal of "controlling the rise of global average temperature in this century within 2 degrees Celsius" set by the Paris Agreement is still far away. Before the meeting, the outside world also generally did not hold much expectation for the breakthrough of COP27, so that the Secretary General of the United Nations Guterres worried to remind representatives of all countries at the meeting: "We are driving on the highway to the climate hell, and our feet are still on the accelerator". The negotiation process was also extremely difficult as expected. The meeting had to enter the "extra time" after 12 days. However, at the last moment, the United States, which was most opposed to the establishment of the "loss and damage" fund, softened its position, enabling the proposal to be passed smoothly. This dramatic turn could not be separated from the cooperation signal released between China and the United States. On November 14, when the COP27 negotiations reached an impasse, the leaders of China and the US dollar held a face-to-face meeting in Bali, Indonesia. During the talks, both sides expressed their expectations for the resumption of bilateral dialogue. President Biden also mentioned that he hoped to strengthen China US cooperation in the field of climate change. On November 16, China's Special Envoy for Climate Change Xie Zhenhua met with US President's Special Envoy for Climate Issues John Kerry in Sharm el Sheikh. Xie Zhenhua said after the meeting that it was a "frank, friendly, positive, positive and constructive" meeting. In addition, the Associated Press reported that the meeting raised the possibility of a comprehensive resumption of climate negotiations between China and the United States. Therefore, the tacit cooperation between China and the United States is the key to a substantial breakthrough in the global climate negotiations. China and the United States are the two countries with the largest carbon emissions in the world, and their historical cumulative carbon emissions account for 11.4% and 20.3% of the world respectively. In order to achieve the goals set by the Paris Agreement, dialogue and cooperation between China and the United States are essential. last year