World leaders are attempting to save a global climate agreement in Copenhagen, but the lack of new proposals from major greenhouse gas emitters China and the United States is hindering progress. US President Barack Obama and other leaders are working towards agreements on carbon emissions cuts, financial assistance for developing nations, temperature limits, and monitoring of emissions reductions. While there has been some progress in certain areas, disagreements remain regarding emissions targets and monitoring. Obama emphasized the need for action rather than just talk, as international discussions on climate change have been ongoing for nearly two decades with little to show for it except for an escalation of the climate crisis. It is no longer time for discussion. What is at risk is a global agreement to prevent climate change, which could lead to increased flooding and droughts. The recent two-week talks in Copenhagen have been marked by distrust between wealthy and developing nations regarding how to distribute emissions reductions. Developing countries, particularly those most affected by climate change, argue that wealthy nations have a moral obligation to take the lead. According to Andreas Carlgren, the environment minister of the EU presidency, 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 seen as a major hindrance. Carlgren stated that the main sufferers of this situation were the developing countries. The European Union had hoped to support these countries, but the influence of the major powers made this difficult. U.S. Secretary of State Hillary Clinton arrived in Copenhagen promising that the United States would assist in raising $100 billion annually to aid developing countries in dealing with climate change, as long as a deal was reached. However, President Obama did not make any new commitments and remained focused on reducing greenhouse gas emissions by 17 percent by 2020 compared to 2005 levels, which equates to 3-4 percent compared to 1990 levels, significantly lower than the EU's goal of 20 percent. Chinese Premier Wen Jiabao also reaffirmed existing targets, but hinted that China may surpass them as the world's leading carbon emitter. "We will uphold our promise with concrete actions," Wen stated. "No matter what results come from this conference, we are determined to meet and surpass the goal." Following this, Obama and Wen held a meeting for almost an hour, which a White House representative called a positive development. The official informed the press that they had a productive conversation covering all important topics, and have instructed their negotiators to collaborate with other nations to seek a possible agreement on a bilateral level. 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. He emphasized that these two countries must fulfill their responsibilities in order to meet the 2 degree target. A British official expressed pessimism about the prospects for a deal after Obama's speech. Several important countries are resisting the complete package and time is quickly running out. Negotiators were unable to reach an agreement on carbon cuts during overnight talks. Obama and other leaders were also unsuccessful in making a breakthrough during Friday morning talks. French President Nicolas Sarkozy mentioned that Chinese opposition to monitoring emissions was a major issue. Despite ongoing negotiations, a final decision has not been reached yet. A preliminary document obtained by Reuters outlined a target of $100 billion annually by 2020 to assist developing countries in dealing with the effects of climate change. It also proposed providing $30 billion to the least developed countries between 2010-2012 and suggested that the global community should aim to limit warming to 2 degrees Celsius compared to pre-industrial levels. Scientists believe that a 2 degree limit is crucial in order to prevent some of the most severe consequences of climate change such as significant sea level rise, species extinction, and crop failures. The objective of the Copenhagen talks, which will last for two weeks, is to reach an agreement on climate action that can be transformed into a legally binding treaty next year to replace the Kyoto Protocol, whose current phase concludes in 2012. The United States never ratified the Kyoto Protocol, and it does not impose obligations on developing countries. The draft text for Friday includes plans for ongoing negotiations to establish one or more new legal treaties by the end of 2010.