India, Nov. 23 -- The new COP29 Presidency's text will be released on Saturday after developing countries rejected the text on Friday evening. However, the sense among parties is such that a deal remains far away as some delegations have begun extending their stay in Baku.

Experts feel that countries will need to take a political call on the quantum of New Collective Quantified Goal on Climate Finance (NCQG).

The matter is being discussed at the highest level especially among developed nations, observers said, since they will have to contribute to it.

Negotiations took place all of Friday night following which options were discussed with the Azerbaijan Presidency which is drafting the text at present.

"The matter is now in the capital...