COP29: Globe cuts deal on climate in Baku after hours of wrangling

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.

COP29 has struck a last-minute deal for at least $300bn a year in climate funding by 2035 for developing countries.

Earlier today, talks were on the brink of collapse after developing countries walked out, temporarily suspending negotiations on the climate finance text.

The Least Developed Countries (LDCs) bloc and Alliance Of Small Island States (AOSIS) walked out because they didn't want to engage with a rough draft which reportedly contained a new core figure of $300 billion a year (up from the $250 billion in Friday's official draft text).

They said they wanted a guaranteed 30 per cent of climate finance in the deal. One source told Euronews the G77 and China wanted at least $500 billion a year.

"We have all been working very hard over the past two weeks and I know that none of us want to leave Baku without a good outcome," COP29 President Mukhtar Babayev told the plenary as it kicked off just after 8 pm local time on Saturday.

"The eyes of the world are rather focused on us however time is not on our side. I ask you to now step up your engagement with one another."

The final plenary was then adjourned at around 9:30 pm without the all-important decision on climate finance. And then again just after midnight.

The Presidency did manage one decision - on Articles 6.2 and 6.4 of the Paris Agreement. It is a deal that will pave the way for country-to-country carbon trading and the creation of a regulated global market.

In the middle of the night, countries agreed a deal which will inject at least $300 billion a year in climate cash by 2035 for poor countries. It was met with applause in the plenary but few countries were truly happy with the final text.

India accused the presidency of gavelling it through the "paltry sum" without hearing the country's opposition to it. Nigeria called the figure a "joke". And Malawi said that for LDCs it was "not ambitious".

EU Climate Commissioner Wopke Hoekstra was more positive saying the result was "exceptionally important".

UN climate chief Simon Stiell said, "It has been a difficult journey, but we’ve delivered a deal."

"This new finance goal is an insurance policy for humanity, amid worsening climate impacts hitting every country. But it only works if the premiums are paid in full, and on time. No country got everything they wanted, and we leave Baku with a mountain of work still to do."

Find all of our COP29 coverage from our team in Baku and across Europe here.