In Copenhagen on December 18, efforts were made by world leaders to salvage a global climate agreement. However, the lack of new proposals from major greenhouse gas emitters China and the United States hindered the chances of a comprehensive deal. US President Barack Obama and other leaders are working towards consensus on issues such as carbon emissions reductions, financial assistance to developing countries, temperature limits, and international monitoring of emissions control. Though some progress has been made, there are still gaps in areas such as emissions targets and monitoring, according to delegates. Obama expressed readiness to finalize the agreement but stressed the need for all parties to take action rather than just talk, highlighting the lack of significant progress in international climate discussions over the past two decades. The period for discussion has ended. What is at risk is a potential agreement for global collaboration to prevent climate change, which could result in increased flooding and droughts. The talks in Copenhagen, lasting two weeks, have struggled with mistrust between wealthy and impoverished nations regarding how to distribute emissions reductions. Developing countries, particularly those most susceptible to climate change, argue that affluent nations bear a historical obligation to lead the way. Andreas Carlgren, the environmental minister of EU president Sweden, stated that the United States and China are crucial in reaching a deal. He mentioned that the United States had made late commitments to address climate change. China's reluctance to be monitored was a major hindrance. Carlgren stated that the biggest sufferers were the developing countries, as the EU's efforts to assist them were thwarted by the powerful nations. U.S. Secretary of State Hillary Clinton arrived in Copenhagen on Thursday and pledged that the United States would assist in raising $100 billion annually to aid developing countries in dealing with climate change, contingent on reaching an agreement. However, President Obama did not offer any new commitments and maintained the goal of reducing greenhouse gas emissions by 17 percent by 2020 from 2005 levels, which is equivalent to a 3-4 percent reduction compared to 1990 levels, unlike the EU's target of 20 percent. Chinese Premier Wen Jiabao also reaffirmed current targets, although he mentioned that China, the world's largest carbon emitter, may surpass them. Wen stated that they will follow through on their promises with tangible actions, regardless of the outcome of the conference. Following a productive meeting between Obama and Wen, a White House official described it as a positive step forward. The two leaders had a constructive discussion covering all key issues and have instructed their negotiators to work both bilaterally and with other countries to try to reach an agreement. Sweden's Prime Minister Fredrik Reinfeldt called on China and the United States, who are responsible for 40 percent of global greenhouse gas emissions, to take action. Reinfeldt emphasized the importance of these two countries doing their part to help meet the 2 degree target. A British official expressed pessimism about the prospects for a deal following Obama's speech. Several important countries are resisting the proposed package, and there is a limited amount of time left. Negotiators were unsuccessful in reaching an agreement on carbon reduction measures during overnight discussions. Both Obama and other leaders were unable to make progress in talks on Friday morning. French President Nicolas Sarkozy pointed out that the main issue was China's reluctance to agree to monitoring emissions. Sarkozy mentioned that although the negotiations are ongoing, they have not yet reached a resolution. A preliminary document obtained by Reuters proposed a target of $100 billion annually by 2020 to assist developing countries in dealing with the effects of climate change. It also suggested providing $30 billion to the most impoverished nations between 2010 and 2012, and stressed the importance of limiting global warming to 2 degrees Celsius above pre-industrial levels. Scientists argue that staying within this limit is crucial in order to prevent severe consequences such as rising sea levels, species extinction, and crop failures. The goal of the Copenhagen talks, which span two weeks, is to reach an agreement on a climate accord that can be formalized into a legally binding treaty in the following year to replace the expiring Kyoto Protocol. It is worth noting that the United States did not ratify the Kyoto Protocol, and it does not apply to developing countries. The draft text for Friday anticipates ongoing negotiations to reach agreement on one or more new legal treaties by the end of 2010.