Some developing nations have been criticising the $300bn climate financing offer, saying it fails to meet the scale of the challenge they face in the years ahead.

Shortly after the agreement was passed in the early hours of Azerbaijan, the African Group of Negotiators, an influential developing nations bloc, described the pledge as "too little, too late" for the continent.

"We are extremely disappointed at the lack of progress on the issues critical to Africa," Ali Mohamed, the group's Kenyan chair, told the COP29 conference.

"Africa has and will continue to sound the alarm on the inadequacy of climate finance."

Addressing the negotiators, Simon Stiell, the head of the United Nations Framework Convention on Climate Change, conceded that the agreement was far from perfect.

"No country got everything they wanted. And we leave Baku with a mountain of work to do," he said.

Image source, Reuters

COP29 - the world's most important meeting on climate change - has wrapped up for the year so let's take a look at what this gathering is all about.

What does COP mean?

COP stands for "Conference of the Parties" - the parties refer to countries that ratified a treaty called the UNFCCC (United Nations Framework Convention on Climate Change).

About 200 nations signed the agreement in 1992 and every year, representatives from these countries meet to negotiate ways to address climate change issues.

Why is it called COP29 and where did it take place?

29 refers to the number of times COP has been held. This year, it was hosted by Azerbaijan, a central Asian country located between Russia and Iran.

Who attended COP29?

Between 40,000 and 50,000 delegates descended on the Azerbaijani capital Baku for two weeks which includes representatives from all UN member states and the EU.

Esme Stallard
Climate reporter, on the move

As negotiations overran by 33 hours it was a mad dash for some of us direct from the conference centre straight to our flights, slightly delirious and surviving off packets of ginger biscuits.

We’ve just made our connection in Istanbul and as I opened my inbox, there was a flurry of response from charities and government press offices.

Their take? Well, it's a mixed response. That’s not unusual, to get 200 countries representing more than eight billion people on the planet to agree something is never going to be easy.

Despite the disappointment for some, what is more crucial is whether these promises will be delivered.

The previous cash pledge from rich countries of $100bn (£79bn) a year by 2020 arrived three years late.

Inger Andersen the head of the UN's environment body summed it up in one of those emails I got:

Image source, Reuters

As we've been reporting, the finance deal agreed at COP29 drew heated reaction from developing nations. Some global leaders, however, maintain that the agreement will keep climate action going.

In a statement after the talks finished, US President Joe Biden said: "While there is still substantial work ahead of us to achieve our climate goals, today’s outcome puts us one significant step closer".

EU Climate Commissioner Wopke Hoekstra, who attended the talks, said COP29 "will be remembered as the start of a new era on climate finance" and the deal was "an ambitious and realistic goal and an increased contributor base".

UN Secretary General Antonio Guterres said: "I had hoped for a more ambitious outcome - on both finance and mitigation - to meet the scale of the great challenge we face, but the agreement reached provides a base on which to build."

Former US vice-president Al Gore said while the deal "avoids immediate failure, it is far from a success", adding that "we must transform disappointment into determination".

Various charities have warned that the $300bn pledge does not go far enough to help those most vulnerable to climate change.

• ActionAid UK describes the agreement as "a complete catastrophe and farce" and warns the amount is "a drop in the ocean" compared with "the trillions needed to help climate-hit communities"
• Anti-poverty group Christian Aid says rich countries have "hijacked" the summit and "failed to negotiate in good faith" and there actions will cost the lives of vulnerable people
• Environmental group Friends of Earth praised the UK delegation for playing a productive role in the talks, but said the talks have "failed to solve the question of climate finance", adding that developing nations are being "hammered by climate extremes"

Image source, Reuters

A furious speech from India's representative shortly after the passing of the $300bn deal showed that intense frustration still remained over the agreement.

“We cannot accept it … the proposed goal will not solve anything for us. [It is] not conducive to climate action that is necessary to the survival of our country,” Chandni Raina told the conference, saying the amount was too small.

Raina says the decision-making process was unfair and excluded nations, a comment which was met with cheers and applause in the room.

Meanwhile, Nigeria's envoy Nkiruka Maduekwe described the deal as an "insult".

For context: India is still classified as a "developing" country, as the term goes back to the original UN framework on clime change back in 1992. Some nations have argued countries such as India and China should no longer be described in this way.

Image source, Getty Images

UK's energy minister Ed Miliband says the last-minute deal secured late last night in Baku was a "critical eleventh hour deal at the eleventh hour for the climate".

"It is not everything we or others wanted but it is a step forward for us all," he said shortly after nations agreed to offer developing countries $300bn a year by 2035 to tackle climate change.

Miliband stressed that the new pledge doesn't commit the UK to contribute more climate finance but was actually a “huge opportunity for British businesses” to invest in other markets.

He said the UK had "pushed for ambition in Baku" and "restored the UK back to a position of global climate leadership".

Image source, Reuters

As we've been reporting, richer countries have agreed to pay developing nations $300bn a year by 2035 to help them tackle climate change.

It is higher than the $100bn that is currently required under a previous agreement and it is intended to help climate-vulnerable countries transition to clean energy.

This promise of more money is a recognition that poorer nations bear a disproportionate burden from climate change, but also have historically contributed the least to the climate crisis.

Image source, Reuters

From the very start of COP29 a fortnight ago, one issue dominated the climate change talks: US president-elect Donald Trump.

Trump, a climate sceptic, takes office in less than two months' time and has already said he will take the US out of the landmark Paris agreement in 2015 which created a roadmap for nations to tackle climate change.

"For sure it brought the headline number down," Prof Joanna Depledge, an expert on international climate negotiations at Cambridge University, told the BBC.

"The other developed country donors are acutely aware that Trump will not pay a penny and they will have to make up the shortfall," she said.

The COP29 summit ended with a deal at the eleventh hour which will see wealthier countries ramping up the amount they'll be paying developing nations to help them fight climate change.

Richer countries pledged to pay $300bn (£238bn) each year - by 2035 - to help vulnerable nations tackle climate change.

It is higher than the $250bn proposed in a draft on Friday, but fell short of the $1.3tn developing countries had asked for.

The deal also reiterates the phrasing in last year's COP28 agreement, which called for a transition away from fossil fuels. Nations including Switzerland, Maldives, Canada and Australia protested that the language about reducing global use of fossil fuels was too weak.

Image source, Reuters

It was the multi billion-dollar deal that almost didn't happened.

After hours of negotiations behind closed doors, the UN climate talks in Baku took a dramatic turn yesterday afternoon when dozens of nations walked out of a key meeting at the summit.

Developing nations, as well as countries most vulnerable to climate change, were frustrated that the cash deal being put on the table fell significantly short of their demands.

“I am not exaggerating when I say our islands are sinking!", said Cedric Schuster, chair of the Alliance of Small Island States.

Talks did get back on track and by 03:00 local time on Sunday (23:00GMT Saturday), and nations finally agreed to a deal that sees developing countries get $300bn a year by 2035 to help them fight climate change.

This was the moment that the new deal was passed by COP President Mukhtar Babayev in Baku.

His gavel didn't come down until nearly 03:00 local time on Sunday, that's nearly 23:00 GMT on Saturday.

Good morning. We're restarting our live coverage after a deal on climate finance was finally agreed at the COP climate summit in Azerbaijan – at 03:00 local time - after talks nearly collapsed.

But many nations are saying the deal that was agreed comes nowhere near to addressing the challenges poorer countries face from global warming.

Days of bitter negotiations - that extended the summit by more than 30 hours - saw richer countries agree to raise their contribution to $300bn a year by 2035, for poorer countries most affected by climate change.

The African Group of Negotiators described it as "too little, too late", while the representative from India dismissed the money as "a paltry sum".

Stay with us as we break down what was decided, and take you through the reaction.

Jack Burgess
Live page editor in Baku

Image source, Reuters

It wasn't the deal that many wanted at these COP29 climate talks in Baku.

But there were moments when it seemed like there wouldn't be a deal at all.

The new text, agreed in the early hours of Sunday morning in Azerbaijan, offers developing countries $300bn (about £240bn) per year by 2035 to help them fight climate change.

This fell short of the $1.3 trillion poorer countries had ask for to help them fight the climate battle.

The deal passed just hours after a dramatic moment when some of the nations most vulnerable to the effects of climate change walked out of a key meeting at the summit.

Image source, Reuters

The deal also reiterates the phrasing in last year's major COP28 deal, which for the first time called for a global transition away from fossil fuels.

This is something that many countries had worried would be missing from the final text.

This year's summit was due to finish on Friday but overran, as has seemingly become something of a tradition at these annual talks.

Image source, Reuters

It's been a very busy couple of weeks with little sleep over the past few days for many in this conference centre.

But before we go to get some much-needed rest, here are some stories where you can continue reading:

• Will China step up if Trump takes a step back on climate change?
• How climate cash compares to fossil fuel revenues

• How is the world doing on tackling climate change?

This page was edited by Malu Cursino, Matt Spivey, Greg Brosnan in London and myself in Baku.

It was written by our Climate and Science team at COP29 - Justin Rowlatt, Matt McGrath, Georgina Rannard, Esme Stallard and Mark Poynting in London.

Esme Stallard
Climate reporter in Baku

Last year, countries committed in Dubai to transitioning away from fossil fuels.

It was a significant moment especially to be announced in a petrostate - this is a country where most of the income comes from oil and gas.

But it seemed like in Baku that had all been forgotten.

As well as finance, countries have been trying to come up with new pledges to reduce greenhouse gas emissions - the driver of climate change.

Image source, Reuters

But Saudi Arabia openly said earlier in the week that they, and the Arab Group of countries, would not want any mention of fossil fuels in the agreement...a complete U-turn on last year.

This angered the EU, US and UK - they made clear that before they came forward with any money they needed to see a recommitment to what was agreed in Dubai.

The final text just agreed, alongside finance, does include it.

A recommitment to something already agreed doesn't seem like much but after they week they have had they will take that as a win.

Mark Poynting
Climate and environment researcher

The draft text reiterates last year’s landmark deal on transitioning away from fossil fuels (coal, oil and gas).

Many countries had feared this would be missing from the final text.

But the transition away from fossil fuels is only referenced by its paragraph and document number – so the words “fossil fuels” don’t explicitly appear in the text.

The text does, however, decide to spell out very clearly that “transitional fuels can play a role in facilitating the energy transition while ensuring energy security”.

Gas – a fossil fuel – has often been considered a transitional fuel.

This will inevitably cause concern that some countries may use this as an excuse to continue to extract and burn more gas.

Georgina Rannard
Climate reporter in Baku

The deal on climate cash has been passed - but India's representative says she "absolutely objects to this unfair adoption".

She says the decision-making process was unfair and excluded nations. Many people in the room (there are lots of NGOs in here too) applaud and cheer her remarks - there is real strength of feeling in here.

She calls the $300bn goal "abysmally poor and "a paltry sum".

She says "it is not conducive to climate action that is necessary to the survival of our country".

Image source, Reuters

She refers to parts of the landmark Paris Agreement that says each country should contribute to addressing climate change as their own national circumstances allow.

That idea is a pillar of these talks. But she says the new climate cash deal goes against the principle.

And she says that the goal will not provide enough money to help India and other developing countries to tackle climate change and build a new type of economy that does not rely on fossil fuels.

At the end of the day, though, the deal has passed and cannot be undone.

Jack Burgess
Live page editor in Baku

Here it is, this is the moment that the new deal was passed by COP President Mukhtar Babayev in Baku.

His gavel didn't come down until nearly 03:00 local time on Sunday, that's nearly 23:00 GMT on Saturday, but here's the moment the BBC team here stayed up late for in Azerbaijan.

Georgina Rannard
Climate reporter in Baku

The room jumps to its feet and people cheer and clap.

Despite all the issues in getting to this point, it's a win for developing nations who came here to ask for a new significant commitment from developed nations to developing nations to help pay for tackling climate change.

Many nations will say it's not enough but the fact that nations stayed here to pass the agreement signals it's a start.

The new deal, which has just been approved - offers developing countries $300bn per year by 2035, and comes after a day wrought with uncertainty and two weeks of marathon talks.

Nearly 200 countries at the UN’s climate talks in Azerbaijan’s capital, Baku, have rescued the climate deal from jaws of defeat after summit ran into overtime, after some of the most climate-vulnerable countries stormed out earlier.