World leaders are attempting to salvage a global climate agreement in Copenhagen, with a focus on carbon emissions cuts, financial assistance to developing nations, temperature limitations, and monitoring of emissions reductions. While progress has been made in some areas, the lack of new proposals from major greenhouse gas emitters like China and the US is hindering the chances of a comprehensive deal. President Obama emphasized the need for action rather than just talk, pointing out that despite nearly two decades of international discussions on climate change, little progress has been made. The time for discussing is finished. The focus is on reaching an agreement for global cooperation to prevent climate change and its consequences such as increased floods and droughts. The talks in Copenhagen have been marked by tension between wealthy and developing nations regarding how to distribute emissions reductions. Developing countries, especially those most affected by climate change, believe that rich nations should take the lead due to their historical contributions to emissions. The environment minister of EU president Sweden, Andreas Carlgren, emphasized that the United States and China are crucial in reaching a deal. He mentioned that the United States was slow in making commitments to address climate change. China's reluctance to be monitored was a major challenge. Carlgren stated that the main sufferers were the developing countries, as the EU's efforts to assist them were hindered by the powerful nations. U.S. Secretary of State Hillary Clinton pledged in Copenhagen that the United States would participate in raising $100 billion annually to assist developing countries in dealing with climate change, on the condition of reaching a deal. However, President Obama did not make any new commitments and maintained the goal of reducing greenhouse gas emissions by 17 percent by 2020 from 2005 levels, which is equivalent to 3-4 percent compared to 1990 levels, in contrast to the EU's target of 20 percent. Chinese Premier Wen Jiabao also reaffirmed existing targets, mentioning that China, the largest carbon emitter, may surpass them. "We will follow through on our promises with tangible efforts," stated Wen. Regardless of the results of the conference, we are dedicated to surpassing the set goals." Following this statement, Obama and Wen held a productive meeting that lasted almost an hour, which a White House representative described as a positive development. The official informed reporters that their discussion covered all major topics and they have instructed their negotiators to collaborate with other countries to potentially reach an agreement. Sweden's Prime Minister Fredrik Reinfeldt called on China and the United States, who collectively produce 40 percent of global greenhouse gas emissions, to take action. He emphasized the importance of these two countries doing their part in order to meet the 2 degree target. A British official expressed pessimism about the likelihood of reaching a deal following Obama's speech. Several important countries are still resisting the comprehensive package, and there is not much time left. Negotiators were unable to reach an agreement on carbon cuts during overnight talks. Obama and other leaders also failed to make progress in discussions on Friday morning. French President Nicolas Sarkozy highlighted Chinese opposition to monitoring emissions as a major obstacle. Despite ongoing negotiations, a resolution has not been reached yet. 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. The document also suggested providing $30 billion to the least developed nations from 2010-2012, and emphasized the importance of limiting global warming to 2 degrees Celsius compared to pre-industrial levels. Scientists believe that staying within this limit is crucial to avoid the most severe consequences of climate change, such as rising sea levels, species extinctions, and crop failures. The goal of the Copenhagen talks is to reach an agreement on climate action that will be developed into a legally binding treaty to replace the expiring Kyoto Protocol in 2012. It is worth noting that the United States never ratified the Kyoto Protocol, and developing countries are not bound by its provisions. The draft text for Friday anticipates ongoing negotiations to finalize one or more new legal treaties by the end of 2010.