Many world leaders and climate experts are looking to US President Barack Obama and Chinese Premier Wen Jiabao to lead the way in reaching a breakthrough agreement to fight climate change on Friday as two weeks of talks are slated to come to an end.

Both China and the United States play a key role at the summit, as together they create almost half of the world's CO2 emissions. Disputes between China and the US over emissions targets, combined with complaints that poor nations are being sidelined, have raised concerns that the talks may fail. President Obama flew into Copenhagen Friday and will meet with about 120 other heads of state to try and finalize a deal.

But Obama said Friday that the world may have to accept an imperfect climate deal.

"The question is whether we will move forward together, or split apart," Obama said. "This is not a perfect agreement, and no country would get everything that it wants."

He added that the United States would remain committed to fighting climate change.

"America is going to continue on this course of action no matter what happens in Copenhagen," he said.

Jiabao said China would also stick to its pledge to reduce its carbon intensity, which is the amount of CO2 emitted to produce a unit of gross domestic product, by 40 percent by 2020.

"We will honor our word with real action," the Chinese leader said in a speech. "Whatever outcome this conference may produce, we will be fully committed to achieving and even exceeding the target."

Rising sea levels

Leaders and top diplomats from about 30 countries drafted an outline agreement in overnight talks that contained a call to prevent a rise in global temperatures of more than 2 degrees Celsius (3.6 degrees F) compared to pre-industrial times.

The EU has already pledged to cut greenhouse gas emissions by 20 percent over the next 10 years, and says it will do more if other nations are also willing to match that pledge.

However, low-lying nations at risk from rising sea levels want the cap limited to 1.5 degrees C. Bruno Sekoli, chair of the Group of Least Developed Countries, said any rise above that would have "unmanageable consequences."

"It will leave millions of people suffering from hunger, diseases, floods and water shortages," he said.

South African Archbishop Desmond Tutu also commented on the cap, saying that a 2-degree C rise in temperatures would "condemn Africa to incineration and no modern development."

Obama joins ‘mini-summit'

Upon his arrival in Copenhagen, Obama went into a meeting with leaders from key states such as Britain, France, Germany, India and Brazil. This mini-summit, the second of its kind within eight hours, aimed at drafting a political agreement on key policies such as greenhouse-gas emissions cuts and financial aid for developing states.

Diplomats have said the draft accord on preventing a rise in global temperatures also includes a package for poor countries most vulnerable to climate change. 7 billion euros ($10 billion) will be given each year from 2010 to 2012, and will climb to $100 billion annually by 2020.

US Secretary of State Hillary Clinton said the United States would contribute to the fund, which has been welcomed by the G77 bloc of developing countries as a "good signal."

However, disagreements between developed and developing countries continue to be an obstacle for a deal. China and India say they are willing to take voluntary measures to slow down their greenhouse-gas emissions, but are reluctant to accept tough international inspection. They insist rich countries should carry the main burden by accepting large reduction targets.

mk/nrt/dpa/AP/AFP/Reuters

Editor: Neil King