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.

Political shenanigans, unrealistically lofty ambitions on financing and economies digging their heels on fossil fuels largely upended possibility of consensus at COP29.

A draft finance deal Friday at the U.N. COP29 climate and environment talks proposes wealthy nations give $250 billion a year to poorer nations in climate funding. Developing countries want more money.