In Copenhagen on December 18th, a UN summit is discussing the possibility of limiting global warming to a maximum of 2 degrees Celsius. This goal is supported by a proposed new fund of $100 billion annually to assist developing nations. A draft text, put together just hours before world leaders gathered, 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. While still in draft form, the text stresses the importance of immediate and enhanced national action, as well as strengthened international cooperation, in response to the scientific consensus that global temperatures should not rise beyond 2 degrees. 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 point to prevent severe impacts such as increased flooding, heatwaves, droughts, and rising sea levels. The parties involved have pledged to work together to mobilize $100 billion by 2020 to help address the climate change needs of developing countries, with funding coming from a variety of sources. This commitment mirrors similar statements made by U.S. Secretary of State Hillary Clinton at the Copenhagen meeting. Additionally, there is a goal to provide $10 billion per year in immediate assistance to developing nations from 2010-2012, with funding increasing towards the $100 billion target by 2020. The text mentioned that developing countries would be willing to accept some monitoring of their pledged emissions reductions, including providing updates to the UN Climate Change Secretariat every two years. The United States is pushing for international verification to be included in any agreement. Negotiations for one or more new climate treaties would need to be completed by the end of 2010, according to the draft. The text clarified that the agreement would not be legally binding. It also stated that countries would continue discussions in order to adopt one or more legal instruments as soon as possible, but 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, which currently requires wealthy nations to reduce emissions until 2012, and a new pact outlining responsibilities for poorer nations. Developed countries, on the other hand, prefer a single treaty. The proposed text, known as the "Copenhagen X," is controversially named due to differing opinions. Some critics, including an environmental activist, believe it is insufficient and have dubbed it the "Copenhagen catastrophe."