Row over who will pay $1tn climate fund drags Cop29 talks past the deadline

The international talks in Baku were pulled back from the brink of collapse early on Sunday morning when negotiators struck an agreement in which rich countries promised to raise $300bn a year by 2035.

Historic wealthy emitters offered climate finance worth $300 billion a year by 2035, far lower than developing countries hoped for.

The final agreement requires developed countries to help poorer nations mitigate the impact of climate disasters through financing.

Developed countries including the UK, US and EU nations agreed to pay $300billion (£239billion) a year – up from the $100billion they pay now.