Here’s what to know about the new funding deal that countries agreed to at UN climate talks

BAKU, Azerbaijan (AP) — In the wee hours Sunday at the United Nations climate talks, countries from around the world reached an agreement on how rich countries can cough up the funds to support poor countries in the face of climate change.

It’s a far-from-perfect arrangement, with many parties still deeply unsatisfied but some hopeful that the deal will be a step in the right direction.

World Resources Institute president and CEO Ani Dasgupta called it “an important down payment toward a safer, more equitable future,” but added that the poorest and most vulnerable nations are “rightfully disappointed that wealthier countries didn’t put more money on the table when billions of people’s lives are at stake.”

The summit was supposed to end on Friday evening but negotiations spiraled on through early Sunday. With countries on opposite ends of a massive chasm, tensions ran high as delegations tried to close the gap in expectations.

Here’s how they got there:

What was the finance deal agreed at climate talks?

Rich countries have agreed to pool together at least $300 billion a year by 2035. It’s not near the full amount of $1.3 trillion that developing countries were asking for, and that experts said was needed. But delegations more optimistic about the agreement said this deal is headed in the right direction, with hopes that more money flows in the future.

The text included a call for all parties to work together using “all public and private sources” to get closer to the $1.3 trillion per year goal by 2035. That means also pushing for international mega-banks, funded by taxpayer dollars, to help foot the bill. And it means, hopefully, that companies and private investors will follow suit on channeling cash toward climate action.