Leaders and representatives of 27 countries produced a new draft text for an agreement overnight which determines a maximum two degree temperature rise and USD 100 billion in long-term funding for the poorest countries.

The 11th hour draft came following several days in which the COP15 Climate Summit has been in the doldrums, with repeated threats and fears of a breakdown, and as President Obama arrived in Copenhagen for the final day of the COP15 Climate Conference.

The wording of the draft has not yet been made public, but initial comments from those taking part are said to be guardedly optimistic.