The world agreed to a new climate deal at COP29 in Baku, Azerbaijan, Saturday, with wealthy countries pledging to provide $300 billion annually by 2035 to poorer countries to help them cope with the increasingly catastrophic impacts of the climate crisis — a figure many developing countries criticized as vastly insufficient.

Cop29 ground out a last-minute compromise deal on Saturday night that offers at least $300 billion (£240 billion) per year by 2035 to help poorer countries confront global warming and allows China’s contributions to remain voluntary.

A new draft text released early Thursday which will form the basis of any deal reached at United Nations climate talks on money for developing countries to transition to clean energy and adapt to climate change left out a crucial sticking point: how much wealthy nations will pay.

In the wee hours Sunday at the United Nations climate talks, countries from around the world reached an agreement on how rich countries can cough up the funds to support poor countries in the face of climate change.

A new draft of a deal on money to curb and adapt to climate change released Friday afternoon at the United Nations climate summit pledged $250 billion annually by 2035 from wealthy countries to poorer ones.

Negotiators will soon decide whether to accept a proposed $300 billion funding package for poor nations to curb and adapt to climate change — a plan hammered out early Sunday by the head of

Developing nations at UN talks in Azerbaijan are rejecting a draft deal for a financial aid package to help them adapt to extreme weather and transition towards clean energy.

Tenuous hope for a deal for a giant funding package for poor nations to curb and adapt to climate change emerged late Saturday amid fractured United Nations climate talks, but opposition still remains among some developing nations.