BAKU (Reuters) - 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.

A new draft deal at UN climate talks Friday proposes rich nations commit $250 billion a year to help poorer nations combat global warming in a bid to break the

The COP29 climate summit ran into overtime on Friday, after a draft deal that proposed developed nations take the lead in providing $250 billion in annual climate finance by 2035 drew criticism from all sides.

COPs have been getting progressively longer; the excellent team at Carbon Brief extrapolated the trend line, which suggests COP29 will end in the small hours of Sunday morning. Even that may be optimistic.

Negotiators raced against the clock at UN climate talks Thursday to broker a trillion-dollar deal to help poorer nations tackle global warming after rich and developing countries roundly rejected a

The COP29 presidency on Friday released a new draft climate finance deal that would have developed nations take the lead in providing $250 billion per year by 2035. The draft also set a broader goal to raise $1.

A new draft proposal issued on Friday at COP29 in Azerbaijan has called for developing countries to pay $250 billion annually to climate finance poorer nations.