High-stakes negotiations at COP29 have hit a major roadblock. Developing nations stormed out of talks, rejecting an offer of $250 billion annually by 2035 to tackle climate change. The dramatic exit comes amid accusations that fossil fuel states and wealthy nations are prioritizing politics over the survival of vulnerable countries.

The European Union, the U.S. and other wealthy countries raised their offer of climate funding for developing nations to $300 billion a year at COP29 on Saturday, in a bid to unlock increasingly tense negotiations already a day into overtime.

A new draft finance deal delivered to harried negotiators in Baku on Friday – the final scheduled day for the UN climate talks that have been under way for the past two weeks – proposes rich countries commit $250 billion a year to help vulnerable nations cope with our warming planet and to accelerate the global switch to renewable energy.

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.