The COP29 talks have laid bare the divisions between wealthy governments and developing nations reeling from the costs of storms, floods and droughts fueled by climate change.

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.

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.

The European Union, U.S. and other wealthy countries at the COP29 summit have agreed to raise their offer of climate funding to $300 billion per year by 2035 to help developing nations grapple with climate change,

UN climate talks looked set to overrun into the weekend as a deep gulf formed between richer and poorer countries over cash to help those most vulnerable in a warming world. Wealthier nations offered to more than double to $250bn a year the cash they give developing countries annually to fight climate change.

Fierce bargaining at UN climate talks in Azerbaijan dragged into Saturday after a $250 billion a year offer from rich nations was flatly refused by developing countries hardest hit by