A key workers group under the UN Framework Convention on Climate Change (UNFCCC) comes up with a six page text. The draft may from the core of a new global agreement to combat climate change beyond 2012, when the present framework, the Kyoto Protocol, expires.

Most importantly, the draft state that emissions should be halved worldwide by 2050 compared to 1980 levels, but also suggests 80% and 95% reductions by that year as possible alternative options.

The G-77 negotiators also criticized the EU proposal because it fails to address the issue of setting up long term financing mechanisms. The EU estimates the need for funding to developing countries to be around 100 billion euro annually by 2020. The public and private money from developed countries should be spent on adaptation to and mitigation of global warming in developing nations.

After one week of UN led climate negotiations in Copenhagen, some money is finally on the table and a draft agreement has been circulated between 192 nation conferences, although it set no firm figures on financing or cutting greenhouse gas emissions. Now the really hard bargaining begins.

As the draft was circulated, European Union leaders announced in Brussels after two days of tough talks that they would commit 3.6 billion US dollars (2.4 billion euro) a year until 2012 to a short term fund for poor countries.

Saturday is a great demo day globally, especially in Copenhagen, host city of the UN climate conference. Organizers forecast up to 80.000 marching for a climate deal in the Danish capital.

Mexican President Felipe Calderon on Friday promised that his country will start reducing its greenhouse gas two years from now at its own expenses and continue therefore, provided Mexico later receives financial and technological support from developed countries and prepared to reach a rate of reduction in its greenhouse gas emission of up to 30% by the year 2020.

Emails are stolen from climate scientists (1.073 emails examined by the AP) show they stonewalled skeptics and discussed hiding data, but the messages don’t support claims that science of global warming was faked. Some emails expressed doubts about the quality of individual’s temperature records or why models and data didn’t quite match. Part of this is the normal give and take of research, but skeptics challenged how reliable certain data was.

India has set up clear limits to the kind of climate commitment it is ready make in Copenhagen, said Jairam Ramesh, Environment Minister of India. He added that no to a peaking year of emissions and rejects international security of domestic measures to cut greenhouse gases.

According to delegates, negotiators have advanced on text on how to supply new green technologies like wind and solar power to developing nations. Progress has also been made in promoting use of forests to soak up carbon dioxide.

On Saturday, industrial countries criticized a draft climate agreement, submitted Friday, for not making stronger demands on major developing countries.

According to a draft text, 50 African countries are considering demanding 5% of rich nations’ GDP for developing countries, plus deep emissions financial demand, compared to the funding so far mentioned at the climate negotiators. 5% of the US’ GDP alone amount to 722 billion US dollars (2008 figure). In comparison, the EU has calculated the developing countries’ total need for climate funding to 130 billion dollars (100 billion euro) annually by 2020.

African Group asks for 400 billion dollars for developing countries from 2010 – 2012, while the UN estimates the need to be 10 billion dollars each of the 3 years.