The European Union, U.S. and other wealthy countries at the COP29 summit have agreed to raise their offer to $300 billion per year by 2035 to help developing nations deal with climate change, sources told Reuters on Saturday,

Nearly 200 nations were still negotiating a new climate finance deal behind closed doors at United Nations talks in Baku, Azerbaijan on Saturday afternoon, as the fraught talks have gone far into overtime.

The European Union, United States and other wealthy countries at the COP29 climate summit have agreed to raise their offer of a global finance target to $300 billion per year by 2035, sources told Reuters on Saturday.