After concerns climate talks in Baku could collapse, the gavel came down on a finance deal in the early hours of the morning.
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00:00It's past 3 a.m. and a new climate finance deal has just landed here in Baku.
00:08After hours of negotiations, countries have reached a compromise on the key sticking point,
00:13the so-called New Collective Quantified Goal, the very core issue of this summit.
00:18They've now agreed to provide $300 billion in annual climate finance by 2035.
00:24Earlier on Saturday, negotiators from the least developed countries group and the Alliance
00:29of Small Island States walked out of the meeting room as discussions between developed
00:35and developing nations over the latest draft text intensified.
00:40The debate over raising the $250 billion proposal made on Friday further deepened the divide
00:46between countries.
00:47The G7-7 plus China group, representing over 130 developing nations, demanded at least
00:53$250 billion annually by 2035, calling for more transparency about the structure and
01:00form of these funds.
01:02Many admitted it has not been an easy journey.
01:05And while the EU welcomed the outcome with a commissioner for climate stating in the
01:08plenary that the $1.3 trillion objective can still be achieved, India voiced its disappointment.
01:17Governments have also reached agreements on carbon markets and found a compromise on adaptation.
01:23Even though the new climate finance deal doesn't fully meet the requests from poorer countries,
01:28it has opened a new chapter in the climate talks and most importantly saved COP29 from
01:34the brink of collapse.
01:36Giorgia Orlandi for Euronews, COP29 in Baku.