Amid last ditch efforts to salvage the climate summit, the Danish government has come out with a draft accord that skips putting more onus on developed countries on emission cuts and mitigation targets but promises $100 billion in finance to developing countries by 2020.

The draft, which may undergo several changes during the negotiations, reflects the key Indian demand that only action involving international finances are open to scrutiny.

The Prime Minister, Dr Manmohan Singh, who held hectic parleys with the Indian team here, has made it clear that climate change cannot be addressed by perpetuating the poverty of the developing countries.

Among the world leaders attending the summit are the US President, Mr Barack Obama, and the Chinese Premier, Mr Wen Jiabao.

The draft was circulated after marathon negotiations among key players that stretched overnight.

The document also refers to containing the global rise in temperature to 2 degrees Celsius before the greenhouse gases stabilise, in consonance with the Indian position.

The small island states, who are the most vulnerable to global warming, have demanded that the rise be limited to 1.5 degrees Celsius as compared to pre-industrial times.

Details of the draft also mention the concept of peaking without mentioning a "peaking year" for carbon emissions.

Peaking year refers to an year when the greenhouse gases emissions in the atmosphere will reach the highest levels, before stabilising.

India and other developing countries have maintained that they were against any mention of a 'peaking year' for them.

Delegates said the aim was to enable the 120 heads of state and government gathered here to agree on something as a takeaway from the conference with specific deliverables.

The text also includes a reference to a short-term fund of resources amounting to $30 billion by developed nations for the period 2010–12, besides accelerating technology development and transfer.

On the sensitive issue of Monitoring, Reporting and Verification (MRV), the draft accord echoes India's stand that mitigation actions by developing nations will be reflected through their national communications every two years.

It also says developing countries to implement mitigation actions based on their specific national circumstances.

Delegates coming out of the closed room meeting indicated that the accord was being hotly debated without many takers. The indication was that the draft was low on ambition.

Developed country negotiators were saying that the draft was too light on the developing country commitments.

The draft comes as the negotiators are trying to salvage the climate summit that has witnessed sharp differences between the developed nations and the emerging economies.

The draft gains significance as it has emerged out of the main negotiating texts, which were under debate for the last two years having run into intractable problems with about a 100 "square brackets".

Till midnight last, the new text was being added. At 2 am on Friday (5.30 am IST), the last day of the conference, a meeting of 25 country-parties continued to negotiate on the text.

The draft also refers to adequate, predictable and sustainable financial resources, technology and capacity- building to support adaptation in developing country parties.

It also lays down the choice of baseline of 1990 or 2005 for developed country parties to implement greenhouse gas reduction targets.

This is the first draft of the treaty that was provided by Danish government to a select group of countries and delegates are still negotiating the text.

Some delegates here have said, without giving details, that developing countries are not happy with the text and it may be ditched.

The text comes fours hours after a meeting between the Danish Prime Minister, Mr Lars Lokke Rasmussen, and 28 heads of state where it was announced that the first draft of a potential declaration was almost ready.

The environment minister, Mr Jairam Ramesh, had said the developing countries suspected the overnight negotiations were an eyewash and the document prepared was a rehash of an earlier Danish text.

"This whole thing was stage managed to show that they had consulted everyone," a visibly angry Mr Ramesh had said.

The co-chair of G77, Mr Lumumba Stanislaus Di-Aiping, said that he believed the text was "rehashed", "prepared from before" and that the meeting had been staged.