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.

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.

A draft deal at the U.N. Climate Change Conference calls for wealthy nations to give developing ones $250 billion a year starting in 2035.