Malu Cursino
Live site editor in London

image source, Getty Images

If you’ll just join us, we’re starting to get reports of a new proposed amount of money likely to be included in the next draft of the COP29 agreement currently being developed in Baku, Azerbaijan.

Those figures could change or face strong pushback from negotiators, but, as reported by the AFP news agency, the European Union (EU) is set for richer nations to offer $300bn (£239bn) to poorer countries a year by 2035.

That’s a $50 billion increase from the last offer on the table.

As a reminder, the COP29 presidency yesterday published the latest draft agreement, which outlined that rich countries – such as those in the EU, UK and US – were prepared to offer $250 billion every year until 2035 to help less rich countries worst hit of the effects of climate change.

But Friday’s offer was far below the $1.3 billion figure that developing countries had asked for, and it was widely rejected by poorer nations and climate charities.

Until we see the latest draft, it’s all very much speculation, so let’s hang tight.

My colleagues on the ground will continue to bring you the latest updates from Azerbaijan’s capital as soon as we have them.