Following intense negotiations, nearly 200 countries at the COP29 summit in Baku have agreed to a historic climate finance target that could channel $1.3 trillion annually to the developing world by 2035.

Countries agreed on a deal to inject at least $300 billion annually in humanity's fight against climate change, aimed at helping poor nations cope with the ravages of global warming at tense United Nations climate talks in the city where industry first tapped oil.

A final text was released early Sunday following several sleepless nights for negotiators, with tensions boiling over as small islands states and the world's poorest countries walked out of one meeting.