As climate conference nears end, countries push to find an agreement

With less than 24 hours to go, climate change negotiators in Copenhagen are scrambling to reach an agreement. UN climate chief Yvo de Boer.

"I would say hold tight and mind the doors, the cable car is moving again."

After two days of stalled talks, today rich countries agreed to one demand from developing countries - to continue negotiating the Kyoto Protocol, while also pursuing the current Climate Change Convention. G77 countries and NGOs were concerned that Kyoto would be scrapped by rich nations who didn't want to be held to the legally binding commitments. But other questions remain, including whether rich countries will make steep enough reductions.

More than 100 world leaders are meeting today and tomorrow, from Monoco's Prince Albert to Iranian President Ahmadinejad. US Secretary of State Hillary Clinton also spoke today and laid out US commitments:

"First, we have announced our intention to cut our emissions in the range of 17 percent below 2005 levels in 2020 and ultimately in line with final climate and energy legislation. In light of the President’s goals, the expected pathway in pending legislation would extend those cuts to 30 percent by 2025, 42 percent by 2030, and more than 80 percent by 2050.

Second, we also recognize that an agreement must provide generous financial and technological support for developing countries, particularly the poorest and most vulnerable, to help them reduce emissions and adapt to climate change. That’s why we joined an effort to mobilize fast-start funding that will ramp up to $10 billion in 2012 to support the adaptation and mitigation efforts of countries in need."

Clinton also offered a carrot - helping to raise $100 billion a year by 2020 to help poor countries adapt to climate change, but she also demanded transparency from all countries before moving forward on the ambitious fundraising initiative.

The move was welcomed by the G77 group of developing nations. Lumumba Stanislaus-Kaw Di-Aping is the chief negotiator for the G77 group.

He spoke to FSRN by cell phone minutes after giving a press conference this evening in Copenhagen. He said though the funding was important it was still not enough.  As for the negotiations, he said  that leaders should not be pressured to compromise on an agreement.

"I think we should not just sign a deal which is political rhetoric. We have to sign something that is meaningful and that would  transform and actually really launch a global effort commensurate with the risks that we face."