People walk past the logotype at the venue for the 2024 United Nations Climate Change Conference (COP29) in Baku on November 11, 2024. The European Union, U.S. and other wealthy countries at the COP29 summit have agreed to raise their offer to $300 billion per year by 2035 to help developing nations deal with climate change, sources told Reuters on Saturday, after a previous proposal was dismissed as insultingly low. The shift in position came after a $250 billion proposal for a deal, drafted by Azerbaijan's COP29 presidency on Friday, was panned by developing countries as insufficient. It was not clear if the wealthy countries' revised position had been formally communicated to developing countries at COP29, and whether it would be enough to win their support. The U.S. delegation at COP29 and the UK energy ministry did not immediately respond to requests for comment.

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Persons: —, Azerbaijan's COP29 Organizations: Change, European Union, Reuters, EU, Commission, U.S Locations: Baku, COP29, United States, Australia, Britain