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 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.

A draft deal at the U.N. Climate Change Conference calls for wealthy nations to give developing ones $250 billion a year starting in 2035.