World leaders, including US President Barack Obama, are engaged in frantic 11th-hour negotiations in Copenhagen to save the faltering global deal on climate change with only hours to go before the official deadline.
Mr Obama is currently attending a second multilateral meeting with many of the same leaders he met with earlier today, including China, the world's largest emitter.
Simultaneously, the European Union is said to be convening a Council meeting to review its position, amid reported internal differences between members over its strategy.
A little over 24 hours after the pivotal announcement by the US Secretary of State Hillary Clinton of its backing for €100 billion per annum financing for poorer countries, the negotiations have come little closer to a conclusion.
Some 26 of the most powerful countries in the world were involved in negotiations that continued throughout the night but which achieved no strong resolution.
There remain deep divisions between the US and China – the world’s two greatest emitters and the two key players – over emissions cuts and the transparency of China’s methods for assessing emissions, a clear red line issue for the US president Obama also held a series of meetings with other leaders of major economies and groupings this morning, soon after his arrival into Copenhagen.
There have also been internal rows within the European Union also in relation to the question of the EU putting an offer of 30 per emissions reductions on the table. The move has been reportedly opposed by Poland and several other newer members. It is believed that Ireland will support the measure, if there is agreement.
President Obama arrived in Copenhagen early this morning. His much-anticipated arrival was expected to add huge impetus to the process and, perhaps, snatch a workable and meaningful deal from a process that looked like it was heading for possible failure.
However, his speech to world leaders at the Bella Centre on the outskirts of Copenhagen was more low-key than had been expected, with few new promises.
Mr Obama said the time for talk was over. “This is the bottom line: We can embrace this accord, take a substantial step forward, continue to refine it and build upon its foundation. Or we can choose delay, falling back into the same divisions that have stood in the way of action for years.”
The US president identified three major themes in his speech: mitigation of emissions by the US; verification of the emissions of other; and financing towards poorer countries that will be most adversely affected by climate change.
He said that America would continue to mitigate its emissions, no matter what happens here today. He said it was in the mutual interest of every country to achieve a global accord and urged the parties to try to achieve it.
However, he added that decisive action by major economies like the US must be matched by transparency and verification by others. He added that he did not want this mechanism to impinge on sovereignty.
This was a clear reference to China which has opposed verification on the grounds that it would be tantamount to a breach of sovereignty.
For America’s part, he said it would cut its emissions by 17 per cent over 2005 levels by 2020 and by 80 per cent by 2020. He also repeated Ms Clinton’s commitment of $100 billion in financing by 2020.
Saying that the convention was running short at time, he emphasised the painful compromises involved for each country and the imperfections of such a complex accord.
“At this point, the question is whether we will move forward together or split apart, whether we prefer posturing to action. I'm sure that many consider this an imperfect framework that I just described. No country will get everything that it wants.
“There are those developing countries that want aid with no strings attached, and no obligations with respect to transparency. They think that the most advanced nations should pay a higher price; I understand that.
“There are those advanced nations who think that developing countries either cannot absorb this assistance, or that will not be held accountable effectively, and that the world's fastest-growing emitters should bear a greater share of the burden.”
Shortly after he finished speaking, President Obama met Chinese Premier Wen Jiabao for 55 minutes in a room at the Bella Centre. The two leaders "made progress," according to a White House official quoted by the New York Times.
The official called the discussion “constructive,” and said that the two men touched on all of the three issues which Mr. Obama raised during his speech: emissions goals from all key countries, verification mechanism, and financing.
But several prominent environmental organisations criticised the American commitment. Kumi Naidoo, the international executive director of Greenpeace International, said the commitment to drop emissions by 17 per cent from 2005 levels, and not from the lower 1990 levels, was disappointing and insufficient. He compared it with more generous voluntary offers made by India and by Brazil at the plenary session this morning, to which they will commit, irrespective of the success or otherwise of the talks.
Others expressed disappointment that the speech lacked any new initiative or inspiration that might give new momentum to the process. Indeed, the marathon meeting of more powerful nations has been the subject of scathing criticism from smaller and poorer countries in South American, Africa and in the Pacific and the draft text that had been produced.
Speaking on behalf of the South American Alba group, Venezuela’s president Hugo Chavez said: “We will not accept a text that falls on our head from God knows where.
“We will not do anything that pops into Obama’s mind.”
Earlier, Wen Jiabao, the Chinese prime minster, also said that his country was unhappy with the proposals over verification.
Brazilian President Luiz Inacio Lula da Silva made what was considered by observers to be a strong speech in which he called for honesty and said the convention was not a game which allowed “countries to hide their aces.
“By the end of the game, it may be too late and we will all be losers,” he said.
He also pledged that Brazil would cut its emissions between 36 per cent and 39 per cent by 2020, repeated that it will cost its economy $16 billion per annum.
Iranian president Mahmoud Ahmadinejad, during a long press conference at the Bella Centre, repeatedly attacked the US and other wealthier countries for causing climate change.
He also defended his country’s nuclear programme, which he insisted was the prime means of providing clean energy in the future. He denied that the country was trying to develop nuclear military capabilities.
Mr Ahmadinejad was also critical of President Obama because of his claimed continuation of the policies of George W Bush in Iraq and Afghanistan.
He said that the US continued to posture as the “master and owner of the world”.
He said that the “Changes shown by Obama have caused [Iran] concern.”