The European Union, the U.S. and other wealthy countries raised their offer of climate funding for developing nations to $300 billion a year at COP29 on Saturday, in a bid to unlock increasingly tense negotiations already a day into overtime.

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.