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.

The COP29 climate summit ran into overtime on Friday, after a draft deal that proposed developed nations take the lead in providing $250 billion in annual climate finance by 2035 drew criticism from all sides.

Negotiators raced against the clock at UN climate talks Thursday to broker a trillion-dollar deal to help poorer nations tackle global warming after rich and developing countries roundly rejected a

A new draft proposal issued on Friday at COP29 in Azerbaijan has called for developing countries to pay $250 billion annually to climate finance poorer nations.

The COP29 presidency on Friday released a new draft climate finance deal that would have developed nations take the lead in providing $250 billion per year by 2035. The draft also set a broader goal to raise $1.