Wealthy nations agree to take the lead in helping developing countries shift to a low-carbon economy

The Australian government has been urged to “step up” and do more to address the climate crisis after a major UN summit ended with a global finance agreement that developing countries criticised for not going far enough.

The Cop29 talks in the Azerbaijan capital of Baku ended at 4am on Sunday with a consensus agreement that developing countries would be paid at least US$300bn (A$460bn) a year in global climate finance by 2035 to help them shift to a low-carbon economy and adapt to the impacts of extreme weather.

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