Heads of states of the United States, China, India and South Africa meeting at the UN climate conference in Copenhagen refused to admit failure of the talks and agreed to a patch-up deal early on Saturday.
A newly-written draft, named the `Copenhagen Accord', however, has dropped the 2010-deadline for reaching a legally binding climate treaty. (See: Manmohan Singh helps draft BASIC deal at Copenhagen)
Reports quoting sources said the so-called `Copenhagen Accord' ensures the continuation of the Kyoto Protocol and is based on the United Nations Framework Convention on Climate Change. It sets a maximum of two degrees Celsius average global temperature rise, with a review by 2016 to consider if it will be necessary to limit warming to 1.5 degrees Celsius.
The `Copenhagen Accord' pledges $30 billion in new climate funding by developed countries to developing countries for the 2010-12 period and up to $100 billion by 2020.
Developed countries have also committed to a minimum 80 per cent reduction in emissions by 2050. But there is no commitment on the shorter term action so far.
Mitigations actions taken by developed countries will be monitored nationally and reported every second year by guidelines adopted later by the parties to the UN Framework Convention on Climate Change (UNFCCC).