A UN summit is currently discussing a proposal to limit global warming to a maximum of 2 degrees Celsius, supported by a new fund of $100 billion annually to assist developing countries. The draft text, prepared just hours before world leaders gathered, emphasizes the need for significant reductions in global emissions. Rich nations are expected to make commitments to cut greenhouse gas emissions by 2020. The latest draft closely resembles a previous version from the night before, with a focus on the scientific consensus that global temperatures should not exceed 2 degrees. It calls for immediate and enhanced national action, along with strengthened international cooperation. Many of the world's largest economies have already committed to limiting the rise in global temperatures to 2 degrees Celsius above pre-industrial levels, which is considered a critical threshold to prevent dangerous consequences such as increased flooding, heatwaves, droughts, and sea level rise. Additionally, these countries have pledged to collectively mobilize $100 billion by 2020 to address the climate change needs of developing nations, with funds coming from a variety of sources. This commitment is in line with U.S. Secretary of State Hillary Clinton's remarks at the Copenhagen meeting. Furthermore, there is a plan to provide $10 billion annually in quick start funds for developing countries from 2010 to 2012, with the goal of reaching $100 billion by 2020. The text mentioned that developing countries are willing to accept some monitoring of their promised emissions reductions, which would involve reporting back to the UN Climate Change Secretariat every two years. The United States is pushing for international verification to be included in any agreement. Negotiations on complete legal documents for one or more new climate treaties must be concluded by the end of 2010, according to the draft. The text specified that the agreement would not have legal force. It also stated that countries would continue discussions in order to adopt one or more legal instruments as soon as possible, with a deadline of no later than COP 16, the next UN meeting scheduled for November 2010 in Mexico. Numerous developing countries are advocating for two agreements: an extension of the Kyoto Protocol, which currently requires wealthy nations to reduce emissions until 2012, and a new pact outlining steps for poorer nations. On the other hand, developed countries favor a single treaty. The overall document was referred to as "Copenhagen X," showcasing differing opinions on its name. An environmental activist criticized the agreement, labeling it the "Copenhagen catastrophe" due to its perceived lack of strength.