Rich and poor countries squabble in Copenhagen

Top story: While critics outside the U.N. climate conference in Copenhagen continue to attack the science of climate change, within the convention hall, the main debate is between rich and poor countries. A draft proposal known as the "Danish text" was leaked to the media yesterday and was immediately criticized by delegates from developing nations.

The proposal -- which was prepared by a number of countries including the United States and United Kingdom -- would have set binding targets on carbon emissions from developing nations and given donor nations greater oversight over aid to fight climate change. NGO Oxfam International also criticized the proposal, saying it, "falls far short of emissions cuts needed, and remains vague on the climate cash,” Oxfam International.

Another document, prepared by Brazil, South Africa, India and China, makes no mentions of binding cuts for developing nations and rejects outside verification schemes. Inevitably, the argument over how best to tackle the Earth's rising temperature seems to have boiled down to an argument over money.

Economy: Global stock markets are taking a hit over Greece and Dubai's debts as well as weak Japanese economic data.


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