United Nations climate negotiators agreed on a funding formula to help developing countries cope with the effects of climate change early Sunday in Azerbaijan after two weeks of intense negotiations.

Richer countries have pledged to give a record $300bn (£238bn) to the developing world to help them prepare for and prevent climate change. The talks at the UN climate summit COP29 in Azerbaijan ran 33 hours late, and came within inches of collapse.

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.

Negotiations at Cop29 in Baku, Azerbaijan were scheduled to finish on Friday evening but a final deal on climate finance remains elusive.

BAKU (Reuters) -Countries at the COP29 summit in Baku adopted a $300 billion a year global finance target on Sunday to help poorer nations cope with impacts of climate change, a deal its intended recipients criticized as woefully insufficient.

By Kate Abnett, Valerie Volcovici and Karin Strohecker BAKU (Reuters) -Countries agreed on Sunday to an annual finance target of $300 billion to help poorer countries deal with the impacts of climate change,

The petroleum-laden dust has settled on this year’s United Nations climate summit, COP29, held over the past fortnight in Baku, Azerbaijan. Climate scientists, leaders, lobbyists and delegates are heading for home.

Euronews Green brings you the latest updates from the UN climate conference in Baku, Azerbaijan. View on euronews

The final deal, agreed in Azerbaijan, will see developed countries pay $300 billion a year by 2035 to help poorer countries mitigate the impact of climate change.