In Copenhagen on December 18, world leaders were attempting to salvage a global climate agreement, but the lack of new proposals from China and the United States, the top greenhouse gas emitters, hindered the chances for a comprehensive deal. US President Barack Obama and other leaders were working towards agreement on reductions in carbon emissions, financial assistance for developing countries, temperature limits, and international oversight of emissions reductions. While some progress had been made in certain areas, there were still gaps in targets for emissions and monitoring, according to delegates. Obama expressed readiness to finalize an agreement that day, emphasizing the need for all parties to take action rather than just talk. He noted the lack of significant progress in international climate discussions over the past two decades, resulting in a worsening of the climate change crisis. The period for discussion has ended. What is being decided is a pact for united international efforts to prevent climate change, such as increased occurrences of floods and droughts. The negotiations in Copenhagen have been marked by distrust between wealthy and impoverished nations regarding the distribution of emissions reductions. Developing countries, many of which are most at risk from climate change, argue that affluent countries have a duty to lead the way. Sweden's environment minister, Andreas Carlgren, stated that the United States and China are crucial in reaching an agreement. He stated that the United States had delayed making commitments to address climate change. China's refusal to be monitored was a major hindrance, particularly affecting developing countries. The European Union had hoped to support developing countries, but this was prevented by the actions of powerful nations. U.S. Secretary of State Hillary Clinton arrived in Copenhagen and pledged that the United States would assist in raising $100 billion annually to assist developing countries in addressing climate change, as long as an agreement was reached. However, President Obama did not offer any new commitments and maintained the goal of reducing greenhouse gas emissions by 17 percent by 2020 compared to 2005 levels, which equates to 3-4 percent compared to 1990 levels, in contrast to the EU's target of 20 percent. Chinese Premier Wen Jiabao also reaffirmed current targets, while suggesting that China, the world's largest carbon emitter, may surpass them. "We will uphold our promise with tangible efforts," stated Wen. Regardless of the results of the conference, we are dedicated to not only meeting but surpassing the goal." After their hour-long meeting, Obama and Wen were described by a White House official as making progress. The official informed reporters that they had a productive conversation covering all major topics and have instructed their negotiators to collaborate with other countries in order to potentially reach an agreement. Sweden's Prime Minister Fredrik Reinfeldt called on China and the United States, which contribute to 40 percent of global greenhouse gas emissions, to take action. He emphasized that these two countries must play their part in reducing emissions in order to meet the 2 degree target. Following Obama's speech, a British official expressed pessimism about the likelihood of reaching a deal. Several important countries are resisting the proposed package and there is limited time left. Negotiators were unable to reach an agreement on carbon cuts during overnight talks. Obama and other leaders were unsuccessful in making progress during talks on Friday morning. French President Nicolas Sarkozy highlighted Chinese opposition to emissions monitoring as a major issue. Despite ongoing discussions, a resolution has not been reached yet. A preliminary document obtained by Reuters suggested a target of $100 billion annually by 2020 to assist developing countries in addressing the effects of climate change. The document also proposed providing $30 billion to the least developed countries from 2010-2012, and stated that efforts should be made to limit global warming to 2 degrees Celsius compared to pre-industrial levels. Scientists argue that staying below a 2 degrees increase is crucial in order to prevent severe consequences such as rising sea levels, species extinction, and crop failures. The main goal of the two-week conference in Copenhagen is to reach an agreement on a climate deal that countries will later formalize into a legally binding treaty to replace the expiring Kyoto Protocol in 2012. The United States did not ratify the Kyoto Protocol, and developing nations are not obligated to comply with its terms. The draft text for Friday includes plans for ongoing negotiations to finalize one or more new legal treaties by the end of 2010.