Here it is, the moment we’ve been waiting for - COP President Mukhtar Babayev has just announced that the text has finally been approved - a climate cash deal for the world's poorest countries.

Only a few hours ago, the prospect of a deal hung in the balance when the Alliance of Small Island States (AOSIS), which represents small, low-lying island nations, walked out of the talks.

Stay with us for the latest reaction and a closer look at what this means, from our teams at the climate summit in Baku, and here in London.

Georgina Rannard
Climate reporter in Baku

The plenary is back on and the COP29 president is hurtling through agenda items. We are waiting for the big one - the climate cash deal that's been at the heart of these fraught, two-week talks.

A text on gender passes, and the room breaks out in applause.

Georgina Rannard
Climate reporter in Baku

A UN official has just tapped on the microphone and asked everyone to take their seats.

The loud talking has dropped to murmurs and ministers file back to their seats.

It's gone 2am in Baku - this was meant to finish at 6pm yesterday (though COP talks have a long history of over-running).

Mark Poynting
Climate and environment researcher

Image source, Reuters

COP29 was meant to close at 18:00 local (14:00 GMT) on Friday. It’s now 02:00 local on Sunday.

As far as climate conferences go, it doesn't take the prize for the longest drawn out delay. That dubious honour goes to COP25 in Madrid in 2019, which ran over by nearly 44 hours.

But the length of time it is taking to reach a decision in Baku just highlights how challenging the discussions around money have been.

Mark Poynting
Climate and environment researcher

The final draft deal has been published, and covers how much developed countries should give to developing nations to help them tackle climate change.

The headline figure is at least $300bn (about £240bn) a year by 2035, the previous offer stood at $250bn - but this was rejected.

Reading the small print, the text says that developed countries should “take the lead”.

That seemingly leaves the door open for other nations such as China to potentially contribute, although they are not compelled to do so.

It’s also worth noting that the $300bn includes public and private sources – so not all of it would have to be paid for directly by governments.

The text still includes a wider ambition to try to get to $1.3tn by 2035 – the figure that a UN-backed report recently said developing nations would need from external sources.

But the $1.3tn figure is surrounded by weak UN language, and it is understood it would involve more private finance than the main $300bn goal, possibly including loans.

Loans are not favoured by developing countries because they fear they would add to their often already considerable debt burden.

Georgina Rannard
Climate reporter in Baku

We thought it was all over...but the circles of ministers leaning in intensely to talk to each other is back.

We've seen the EU talking with India and the US - in what could be called a "supercharged" huddle. In a separate group, Saudi representatives are gathering.

There's loud chatter through the room, as people question how late into the night this can possibly go (it's approaching 2am in Baku).

Georgina Rannard
Climate reporter in Baku

I've been wandering around trying to work out what's happening and bumped into Panama climate representative Juan Carlos Monterrey-Gomez.

He tells a group of journalist that "there are going to be panic stations and there's going to be a bit of everything, but I see the light at the end of the talks".

"I'm optimistic. There were a bunch of huddles between developing countries and developed countries. We need something out of this", he adds before returning to the seats at the front.

The deputy prime minister of Fiji, Biman Prasad, says he expects a COP29 climate finance deal "tonight".

"When it comes to money it's always controversial but we are expecting a deal tonight," he tells Reuters news agency.

As we've been reporting, it's unclear if and when a finance deal will be reached in Baku.

One deal has been agreed today on carbon markets - and it was nine years in the making, our climate reporter Georgina Rannard reports.

Georgina Rannard
Climate reporter in Baku

This meeting had only just started when it was suddenly suspended by the COP president. He had spent a few minutes passing procedural items and thanking delegates.

There were high expectations for this to be the final meeting in anticipation of a deal.

In the crowd, people could be heard asking "why". Someone next to me said: "This is ridiculous!"

The president then said he needs another 20-25 minutes.

Georgina Rannard
Climate reporter in Baku

Image source, Reuters

COP29 president Mukhtar Babayev brings down the gavel to signal this meeting is open.

It's all happening very quickly - considering six hours ago these talks were on the verge of collapse.

Georgina Rannard
Climate reporter in Baku

An official has just asked everyone to keep their voices down and take their seats. Most of the huddling ministers have disappeared off the stage, and journalists and NGO observers are filing in in front of me.

"The plenary is about to begin," the UN official says. "Testing, testing," another says on the microphone.

Georgina Rannard
Climate reporter in Baku

The volume in the room has been steadily rising - more and more people at the back (who are mostly civil society observers) have picked up their phones to film the stage. There's definitely a feeling of anticipation.

All the major players of these two weeks of talks are in a cluster on the far right-hand side of the stage opposite me.

UK's Ed Miliband, EU Climate Commissioner Wopke Hoekstra, the chair of the G77 group Adonia Ayebare, US climate envoy John Podesta and Panama representative Juan Carlos Monterrey-Gomez.

Some ministers are waving their hands, others are clutching phones to their ears, and people constantly leave and re-join the circle.

The groups that walked out earlier seem to finally find something they can agree on with the developed nations that they want climate cash from.

There are others in the huddle who I can't make out - next time, I'm bringing my binoculars.

Georgina Rannard
Climate reporter in Baku

I'm still inside the plenary hall where the final deal is made. The session is currently suspended but due to start back up very soon.

A few minutes ago I spotted Sierra Leone climate minister Jiwoh Abdulai and asked him a few questions. Earlier he was part of the Least Developed Countries group that walked out.

I asked him, if he is still here, he must be optimistic about getting agreement.

"We want a deal," he said - but said that it has to provide more cash for countries like his that are hard-hit by climate change. They want more like $500bn per year. (Wealthier countries offered $250bn per year yesterday, something poorer countries complained was pitiful).

"This is now just about stamina," he said. His flight home has already left, but he said he's staying here to try to get agreement.

Mark Poynting
Climate and environment researcher

Talks around money may still have some way to go. But as we’ve been hearing, one deal that has been passed surrounds carbon markets.

These are rather complicated systems in which 'carbon credits' – tokens representing one tonne of carbon dioxide emissions - can be bought and sold.

The idea is that countries can use carbon credits to help meet their emissions targets, by buying them from others.

The purchasing country may fund a renewable project overseas, for example.

Advocates of carbon markets say they are crucial to ensure climate targets are met in the most cost-effective way possible.

Richer countries like this because it can be a lot cheaper and easier for them than making major structural changes at home. It could also be transformational for emerging economies, who might benefit by up to $250bn a year say supporters.

But there have long been concerns that if carbon markets are not properly regulated, they may not lead to real and permanent emissions cuts.

So negotiators have been trying to put extra safeguards in place – a process that has taken nine years since the text on carbon markets appeared in the 2015 Paris climate agreement.

Georgina Rannard
Climate reporter in Baku

When it comes down to it, huddles of people talking at each other while standing at the front of a conference hall is how the world's climate decisions are made.

It seems strange, but so far, this diplomacy is the only way to get 198 nations with vastly different priorities to agree.

I'm at the back of the plenary hall (journalists are not allowed at the front). The session has been suspended for now but I'm watching groups of minister shuffling around, clutching pieces of paper (which I assume are the latest draft deals).

I can see the head of the G77+ China bloc talking on the phone. His group are a powerful voice calling for at least $500bn of finance a year from governments.

This group I'm watching is quite large - often the final deals are struck by a tiny number of the most powerful climate negotiators in the world. They may not even be in this room.

Esme Stallard
Climate reporter in Baku

We have just finished hearing from the Brazil delegation who has shed some light on the earlier walkouts.

The country's chief negotiator Ana Toni said the move by the small islands to withdraw came out of the blue.

"They left the room [and] it took many by surprise. It was all very sudden, it wasn’t very organised beforehand."

But she continued... they have been brought back to the talks.

Brazil's environment minister, Marina Silva, added the country was honouring the COP commitment of "never leaving anyone behind".

"We will make every effort to come out of here with the outcomes mankind needs from us," she tells the conference.

Greg Brosnan
Climate and Science digital editor

It's close to 22:00 now in Baku and there is a possibility that talks could go on right through the night into Sunday. But for that to happen there needs to be a ‘quorum’ - as we’ve reported, two-thirds of countries signed up to the UN climate convention need to be present for decisions to be made.

So there will come a point where there aren’t enough people left to come to an agreement - that essentially means this year’s talks have failed and right now we can’t rule that out.

Greg Brosnan
Climate and Science digital editor

There was a real feeling of chaos in the conference hall corridors earlier with some countries walking out of meetings and a sense that talks could be on the brink of collapse.

Yesterday ended with anger from poorer nations at an offer from wealthier nations of $250bn per year for help with climate change. They deemed that too stingy.

Since early doors today we’ve been hearing from various sources that a text could come out with an improved offer, but there’s been nothing concrete yet.

Things have calmed down for the moment after a spell with delegates all inside the plenary hall listening as COP29 President Mukhtar Babayev addressed them. He urged the nations represented there to "bridge the remaining divide" between countries, but warned that “time is not on our side”.

That session did get an agreement passed on so-called carbon markets. We're now closer to having a way for rich nations to make up for their planet-warming pollution, for example by buying 'credits' in poorer countries that have jungles that can suck up CO2.

The session has now been suspended and will start back up later on.

Image source, AFP

Speaking on the side lines of COP29 negotiations, the UK's Energy Secretary Ed Miliband says we now "need to move forward" and countries will have to decide if the cash on offer is acceptable or not.

"We need to move forward," he says, "by significantly increasing the climate finance available to developing countries, we can both help them and the world in accelerating the clean energy transition."

He says the current proposals are a "significant scale-up" from the previous $100bn (£79bn), adding: "we'll keep working for the best possible outcome."

As uncertainty overshadows this year's climate talks, let's have a look at the moment dozens of countries walked out of negotiations in Baku.

Cedric Schuster, from the Alliance of Small Island States (AOSIS), represents countries that are most vulnerable to climate change. He tells reporters his group walked out because they felt they weren't being heard in negotiations.

In the same video below, US envoy John Podesta says the offer on the table for donor countries is high.