A UN summit in Copenhagen is discussing the idea of limiting global warming to a maximum of 2 degrees Celsius. This proposal is supported by a new fund of $100 billion per year to assist developing nations. A draft text, which was put together just hours before world leaders met, emphasizes the need for significant reductions in global emissions. The draft also calls for commitments from wealthy nations to cut greenhouse gas emissions by 2020. Despite being a new draft, it closely resembles a previous version from the night before. The text stresses the importance of immediate and enhanced national action, as well as strengthened international cooperation, to address the issue of global warming. Many major economies have already committed to limiting global warming to 2 degrees Celsius above pre-industrial levels in order to prevent dangerous consequences such as floods, heatwaves, droughts, and rising sea levels. They have also agreed to mobilize $100 billion by 2020 to address the climate change needs of developing countries, with funding coming from various sources. This commitment mirrors U.S. Secretary of State Hillary Clinton's remarks at the Copenhagen meeting. Additionally, there is a goal to provide $10 billion per year in immediate funding to developing nations from 2010-2012, with the amount increasing each year until reaching the $100 billion target in 2020. The text stated that developing countries would agree to some monitoring of their pledged emissions reductions, including reporting 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 texts of one or more new climate treaties would need to be concluded by the end of 2010, according to the draft. The text emphasized that the agreement would not be legally binding. It also mentioned that nations would continue discussions in order to adopt one or more legal instruments before COP 16, the next UN meeting scheduled for November 2010 in Mexico. Numerous developing countries are in favor of having two agreements - one extending the Kyoto Protocol, which currently requires wealthy nations to reduce emissions until 2012, and another outlining actions for poorer nations. On the other hand, developed countries prefer a single treaty. The proposed agreement, known as "Copenhagen X," sparked debate over its name, with some considering it too weak and labeling it a "Copenhagen catastrophe."