China's chief negotiator for climate change talks expressed optimism about the UN climate talks in Cancun, stating that positive results are possible if all parties show sincere political will. Despite clashes between rich and developing nations over the future of the Kyoto Protocol, China believes that meaningful results can be achieved by following the Bali road map. While compromise on minor issues is necessary, there is no room for compromise on fundamental principles like the future of the Kyoto Protocol. China accused certain developed nations of attempting to destroy the Kyoto Protocol, which is the main tool used by the United Nations in the battle against climate change to reduce global warming. This accusation came after a confrontation with Japan, Russia, and Canada. China, the top carbon emitter in the world, has consistently stated that it will not give in to pressure to reconsider the Protocol. The first phase of the Kyoto Protocol, which requires approximately 40 wealthy nations to meet emissions targets, is set to expire in 2012. There is uncertainty surrounding what will happen after this, causing concern for investors who seek clarity on long-term climate policies and funding. Most affluent countries have committed to legally binding emissions targets under Kyoto, with the notable exception of the United States, which opted not to participate. Developing nations, including China, are expected to take voluntary measures to reduce the growth of their emissions. The United States and other wealthy countries are pushing for a new international agreement that does not rely on a binary division, in light of the increasing emissions from developing nations, which now make up over half of the world's annual greenhouse gas emissions. However, countries like China and India are hesitant to commit to specific targets until they see more significant reductions from the industrialized nations.