The world agreed to a new climate deal in Baku, Azerbaijan Saturday, with wealthy countries pledging to provide $300 billion annually by 2035 to poorer countries to help them cope with the increasingly catastrophic impacts of the climate crisis — a figure many developing countries criticized as vastly insufficient.

United Nations climate talks adopted a deal to inject at least $300 billion annually in humanity’s fight against climate change, aimed at helping developing nations cope with the ravages of global warming in tense negotiations.

A new draft text released early Thursday which will form the basis of any deal reached at United Nations climate talks on money for developing countries to transition to clean energy and adapt to climate change left out a crucial sticking point: how much wealthy nations will pay.

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 of a deal on money to curb and adapt to climate change released Friday afternoon at the United Nations climate summit pledged $250 billion annually by 2035 from wealthy countries to poorer ones.

By Kate Abnett, Valerie Volcovici and Karin Strohecker BAKU (Reuters) -Countries agreed on Sunday to an annual finance target of $300 billion to help poorer countries deal with the impacts of climate change,