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.

Developed nations should pay $300 billion a year by 2035 to help poorer countries deal with climate change, according to a new draft deal from U.N. climate talks published early, after an earlier target of $250 billion was rejected.

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.