Countries agreed to a hard-fought COP29 deal to provide $300 billion in annual climate finance by 2035. But while some delegates reacted to the agreement's early Sunday with a standing ovation, others voiced anger and lambasted wealthy nations for not doing more.

BAKU - Developed nations should pay US$300 billion (S$404 billion) a year by 2035 to help poorer countries deal with climate change, according to a new draft deal from UN climate talks published early on Nov 24, after an earlier target of US$250 billion was rejected.

Country delegates at COP29 met for a plenary Saturday night to agree on some aspects of this year's negotiations, while their teams continued to work on the summit's centerpiece topic: agreeing a new target for annual climate finance.

The UN’s marathon climate summit neared the finish line early on Sunday, with nations due to approve or reject a hotly-disputed deal for wealthy historic emitters to provide at least US$300 billion to poorer countries that had demanded much more.

The COP29 talks have laid bare the divisions between wealthy governments and developing nations reeling from the costs of storms, floods and droughts fueled by climate change.

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

Splintered and rudderless after developing nations rejected what they called too little money to deal with climate change, United Nations talks dissolved into factions Saturday.