Deal reached at Copenhagen climate talks

At the UN climate conference in Copenhagen, talks involving leaders of the US and major developing countries, including China, India, South Africa, and Brazil, have paved the way for an agreement to fight global warming.

The deal is not legally binding and stipulates that a legally binding pact should be reached by the end of 2010. The goal of the agreement is to confine the global temperature rise to within 2 degrees centigrade. It does not stipulate the specific amounts of emission reduction for each country.

On the issue of financial assistance for developing countries, the agreement echoes the earlier proposal that developed countries should provide one-hundred billion US dollars annually to emerging nations until 2020.

Though the goal of the conference has not been fully realized, several leaders call the agreement is an important breakthrough.

Many participants say they will accept the agreement as the final text. It will go to the 193-nations at the conference for a vote late on Saturday.

U.S. President Barack Obama (on L) sits with South Africa's  President Jacob Zuma (L), Brazil's President Luiz Inacio Lula  da Silva (3rd L), Chinese Premier Wen Jiabao (4th R), Indian  Prime Minister Manmohan Singh (3rd R) and other world leaders  during a multi-lateral meeting at the Bella Center in Copenhagen  December 18, 2009. REUTERS/Larry Downing