A first draft text presented to the Copenhagen Climate on Friday sets a minimum goal of halving world emissions by 2050.
Earlier in the week, emerging nations said that such a target implied additional cuts would be required from them. And China insisted that 2050 targets were not enough without strong emissions cuts from industrialized nations for the year 2020.
This new text could overcome these objections, as it states that industrialized countries would be responsible for 2050 cuts ranging from 75 to 95%, and for 2020 cuts in the range of 25% to 40%
The text also offers more ambitious worldwide options for 2050: "Parties should collectively reduce global emissions by at least (50/85/95) percent from 1990 levels by 2050 and should ensure that global emissions continue to decline thereafter." (As reported by Reuters)
To meet any of these targets, rich nations woul have to increase their offers for cutting greenhouse gas emissions. Collectively, the cuts offered thus far for 2020 amount to between 14% and 17% below 1990 levels.
Japan has threatened to withdraw its ambitious 25% reduction target, if the Kyoto Protocol is extended without setting emissions goals for China and the United States.
Emerging nations want to see a dual track for the new climate agreement: an extended Kyoto protocol for rich nations, and a separate agreement covering the United States and developing nations. (US Climate Envoy Todd Stern said on Wednesday the US will not join Kyoto. )
Industrialized nations generally support the creation of a single agreement, setting goals for both rich and poor countries.
European countries on Friday pledged to pay about a third of the $10 billion a year proposed by the United Nations for a climate fund covering the years 2010-2012. Funding for developing nations has been a primary roadblock for negotiations. 17 of the European Union’s 27 member states pledged to provide 2.43 billion (US$) a year.
The US has yet to commit to a specific amount of funding.
On Thursday, US President Barack Obama accepted the Nobel Peace Prize in Norway and urged world leaders to reach an agreement on climate change in Copenhagen.
"The world must come together to confront climate change," Obama said in his acceptance speech. "There is little scientific dispute that if we do nothing, we will face more drought, famine and mass displacement that will fuel more conflict for decades," he said.
View Copenhagen highlights and behind the scenes video at the link belowl
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