A UN summit is discussing a proposal to limit global warming to 2 degrees Celsius, along with a new $100 billion fund to help developing nations. The draft text, obtained by Reuters, emphasizes the need for significant reductions in global emissions and calls for commitments from rich nations to cut greenhouse gas emissions by 2020. The draft also stresses the importance of immediate and enhanced national action and strengthened international cooperation to address climate change. Many major economies have already committed to limiting warming to 2 degrees Celsius above pre-industrial levels, which is considered a critical threshold to avoid dangerous consequences such as increased floods, heatwaves, droughts, and rising sea levels. The parties have agreed to work towards mobilizing $100 billion by 2020 to address the climate change needs of developing countries, with funding coming from a variety of sources. This commitment mirrors the sentiments expressed by U.S. Secretary of State Hillary Clinton at the Copenhagen meeting. Additionally, there is a goal to provide $10 billion annually in quick start funds for developing nations from 2010-2012, with the amount increasing to reach the $100 billion target by 2020. The text stated that developing countries would accept some level of monitoring for their promised reductions in emissions, which would include 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 the full legal documents for one or more new climate treaties would need to be completed by the end of 2010, according to the draft. The text emphasized that the agreements would not be legally binding. It also mentioned that countries would continue discussions in order to adopt one or more legal instruments as soon as possible, with a deadline of COP 16, the next UN meeting scheduled for November 2010 in Mexico. Numerous developing countries are in favor of having two agreements - an extension of the Kyoto Protocol which currently requires wealthy nations to reduce emissions until 2012, and a new deal outlining actions for poorer nations. On the other hand, developed countries prefer a single treaty. The overall text was referred to as "Copenhagen X," but there was disagreement about what to name it. One environmental activist criticized it, calling it the "Copenhagen catastrophe" due to its perceived weakness.