By Kate Abnett, Valerie Volcovici and Nailia Bagirova BAKU (Reuters) -Developed nations should pay $300 billion a year by 2035 to help poorer countries deal with climate change, according to a new draft deal from U.

Developing nations are seeking $1.3 trillion to adapt to and recover from climate impacts, and transition to clean energy.

Disputes in Baku are growing increasingly heated 24 hours before the UN Climate Change Conference is due to end, as developing countries demand industrialized nations drastically increase aid, while the EU,

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.

UN climate talks looked set to overrun into the weekend as a deep gulf formed between richer and poorer countries over cash to help those most vulnerable in a warming world. Wealthier nations offered to more than double to $250bn a year the cash they give developing countries annually to fight climate change.

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.

The COP29 climate summit presidency released a draft finance deal that would have developed nations take the lead in providing $250 billion per year by 2035 to help poorer nations, a proposal that drew criticism from all sides.