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 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.

Euronews Green brings you the latest updates from the UN climate conference in Baku, Azerbaijan. View on euronews

A key task of the UN gathering, which kicked off on Nov 11 in Baku, Azerbaijan, is to establish a 2025-35 climate finance commitment from developed nations to developing countries, which is officially known as the New Collective Quantified Goal.

Negotiations at the UN climate summit in Baku, Azerbaijan, enter their second week today with a slew of unfinished agenda items. Why it matters: A failure to arrive at a new and far-reaching annual funding target for climate funding directed at the developing world — which climate impacts are hitting the hardest — could have knock-on effects for years.