News out of Copenhagen on Friday was that a first draft text was in the works stating the world should at least halve world greenhouse gas emissions by 2050 with rich nations taking the lead. This first draft text aimed to break deadlock on a new climate pact at U.N. talks.

The text suggested a range for global cuts in greenhouse gas emissions, mainly from burning fossil fuels, of at least 50 percent by 2050, but also suggested aiming for 85 or 95 percent by 2050. The numbers were bracketed in the text, showing there is no agreement.
It also suggested options for rich nations' cuts in emissions starting at 75 percent and ranging up to more than 95 percent below 1990 levels by 2050. Developed nations, meanwhile should cut their emissions on average by at least 25-40 percent by 2020, also from 1990 levels.

Rough start
The Copenhagen summit got off to a rough start when a backroom accord hammered out by Denmark weeks prior to the meetings was released by the Guardian newspaper. Developing countries reacted angrily to the leaked documents that suggested world leaders would be asked to sign an agreement that hands more power to rich countries and reduces the UN's role in future climate change negotiations – instead putting power in the hands of the world bank.

Also, attendees were dealing with the fallout of what’s being called “Climategate” – a series of leaked emails from the University of East Anglia that led climate change skeptics to accuse climate experts of colluding to suppress data that didn’t suit their agenda. On Tuesday, the UK Meteorological Office released documents that confirm that global average land temperatures have been rising since 1850 and warming has speeded up since 1970. The Met Office Hadley Centre published the data to boost transparency – something climate skeptics also felt has been lacking.

U.S. determination
Meantime, on a more positive note, Lisa Jackson, administrator of the Environmental Protection Agency, told a summit audience that the US will employ regulations under the Clean Air Act of 1970, as well as federal legislation, to control and reduce greenhouse gas emissions. Prior to her comments, it was unclear whether Washington would use both regulation and legislation to shrink the country's carbon footprint. Jackson told reporters, "This is not an either-or moment, this is a both-and moment."

To read the full text of her prepared remarks, click here.

E.U. commits cash
And on Friday, EU leaders said they have agreed to commit 2.4 billion euro (3.6 billion US dollars) a year until 2012 to help poorer countries combat global warming. EU leaders also agreed to reduce their emissions by 30 percent of 1990 levels. All 27 members of the European Union agreed on the figure after two days of talks at a summit in Brussels. Britain, France and Germany will each contribute about 20 percent. The climate money is meant to go toward a global 10 billion dollar annual fund for short-term help to poor countries, particularly in Africa, to adapt to the effects of global warming.

Billionaire investor George Soros, however, wants to see more money flow to poorer nations. Speaking in Copenhagen on Thursday, he believes the the $10 billion a year proposal isn’t enough and is suggesting that the International Monetary Fund resources be redirected - from providing liquidity to the stressed global financial system to a new mission to finance projects in developing countries that work with clean energy or work toward adapting to the effects of climate change, such as rising sea levels. Soros believes a one-time infusion of about $100 billion could be raised this way.

Click here for more coverage from the CBC.

Money remains a substantial sticking point at the talks. Developing nations believe they need more, and that nations like the U.S. should be making this investment.

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