BAKU (Reuters) - 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.

A new draft deal at UN climate talks Friday proposes rich nations commit $250 billion a year to help poorer nations combat global warming in a bid to break the

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.

COPs have been getting progressively longer; the excellent team at Carbon Brief extrapolated the trend line, which suggests COP29 will end in the small hours of Sunday morning. Even that may be optimistic.

The COP29 UN climate summit released a first draft deal Thursday which puts at least $1 trillion of financing on the table, yet key details on where that money will come from still need to be ironed out.