United Nations climate negotiators agreed on a funding formula to help developing countries cope with the effects of climate change early Sunday in Azerbaijan after two weeks of intense negotiations.

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.

Western leaders welcomed the deal, as US President Joe Biden says the world is "one significant step closer" to achieving climate goals.