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 Earth's rapid warming.

Wealthy countries raised their offer of climate finance to $300 billion a year at COP29 on Saturday, raising hopes of a deal with developing nations that had dismissed an earlier proposal as insufficient to address the impacts of global warming. The U.N. climate summit had been due to finish on…

(Bloomberg) — COP29 appeared set for a last-ditch deal as key negotiators agreed to a broad blueprint on climate finance, pulling the United Nations talks in Azerbaijan back from the brink of collapse.

Rich countries negotiating support for developing countries at the climate summit in Baku are prepared to pay 300 billion dollars a year in climate aid from 2035, sources told Reuters news agency. An earlier proposal mentioned 250 billion dollars a year, an amount that poor countries said was far too low.