Richer countries have pledged to give a record $300bn (£238bn) to the developing world to help them prepare for and prevent climate change. The talks at the UN climate summit COP29 in Azerbaijan ran 33 hours late, and came within inches of collapse.

The cost of borrowing money can be up to seven times higher for developing countries than the US and Europe. This is because lenders see poorer countries as riskier places to invest, given their perceptions of political instability or low credit ratings. This arrangement entrenches inequality.

By Valerie Volcovici, Richard Valdmanis and Karin Strohecker BAKU (Reuters) - When COP29 President Mukhtar Babayev stepped to the podium at the closing meeting of the Baku climate summit on Sunday morning,