COP29: What's happening on day 11 of the UN climate conference?

Follow along with our live coverage of COP29 here. From our team at home and in Baku we'll be sharing the biggest news from day 11 of the UN climate summit.

It’s officially the last day of the UN climate conference in Baku, but whether the summit can actually land a deal in time remains to be seen.

A new climate finance text, due at midday Azerbaijan time (9am CET), has finally been released. Now subject to intense negotiation, it concerns the amount of money developing countries can expect in climate funding for the next several years, and the proportion of that which should come directly from wealthy governments.

So far the draft proposes a figure of $250bn by 2035 to replace a current $100bn contribution from rich countries that was set back in 2009. That sum should come from "a wide variety of sources, public and private, bilateral and multilateral, including alternative sources" and would include direct provision of finance such as grants, and private sector investment that such support is expected to mobilise.

A wider, more aspirational goal "calls on all actors" to work on scaling up finance for developing countries from "all public and private sources" to $1.3 trillion a year by 2035.

It follows angry reactions to the initial draft seen by parties yesterday, which failed to give even a ballpark figure - featuring an ‘X’ instead of the more than $1 trillion (around €950 billion) developing countries say they need to respond to the climate crisis.

The Azerbaijani Presidency says the new climate finance text is the result of a consultation that stretched into the early hours of the morning - and offers a "balance and streamlined" way forward.