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, put together on Friday morning just before world leaders gathered, emphasizes the need for significant reductions in global emissions. The text also highlights the importance of commitments from wealthy nations to reduce greenhouse gas emissions by 2020. The latest draft has not changed much from the previous version created overnight. It stresses the scientific consensus that global temperatures should not rise more than 2 degrees and calls for immediate and enhanced national actions with strengthened international cooperation. Numerous major economies have already committed to a target of capping warming at 2 degrees Celsius above pre-industrial levels, which is considered a critical threshold to prevent "dangerous" consequences like increased floods, heatwaves, droughts, and sea level rise. The parties have expressed their support for the aim of raising $100 billion collectively by 2020 to address the climate change needs of developing countries, with funding coming from various sources. This statement is similar to remarks made by U.S. Secretary of State Hillary Clinton at the Copenhagen meeting. Additionally, the text specifies a goal of providing $10 billion per year in immediate assistance to developing nations from 2010-2012, with the funding increasing towards the $100 billion target by 2020. The text stated that developing nations would agree to 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 the complete legal texts of one or more new climate treaties would need to be concluded by the end of 2010. The text clarified that it would not have legal binding power. It also mentioned that nations would continue discussions with the goal of adopting one or more legal instruments as soon as possible, and no later than COP 16, the next UN meeting scheduled for November 2010 in Mexico. Numerous developing countries are seeking two agreements - an extension of the Kyoto Protocol that requires wealthy nations to reduce emissions until 2012, and a new pact outlining commitments by poorer nations. Developed countries, on the other hand, prefer a consolidated treaty. The proposed agreement was tentatively named the "Copenhagen X," although there was disagreement over its title. Some critics, such as one environmental activist, argued that the agreement was too weak and labeled it the "Copenhagen catastrophe."