The 15th United Nations Climate Change Conference, or COP15, is moving to formally acknowledging a new accord for tackling global warming.

However, the key tasks that the delegates have come to Copenhagen for have not finished yet. Many delegates as well as NGO representatives have expressed disappointment.

"The conference of the parties takes note of the Copenhagen Accord," said a final draft decision at the 193-nation negotiations that stopped short of approving the deal.

The draft decision was tabled for final deliberation after hours of consultations -- some led by UN Secretary-General Ban Ki-moon -- throughout Friday night and whole Saturday morning, with many countries opposing to or making reservations about the accord.

The accord highlighted the gravity of the climate change as "one of the greatest challenges" on earth.

Highlights and shortfalls

It recognized "deep cuts in global emissions are required according to science … with a view to reduce global emissions so as to hold the increase in global temperature below 2 degrees Celsius."

For the long-term financial support, which has been a major focus of debates during the past two weeks, the accord said: "In the context of meaningful mitigation actions and transparency on implementation, developed countries commit to a goal of mobilizing jointly $100 billion a year by 2020 to address the needs of developing countries."

Meanwhile, it also noted the developed countries have the commitment "to provide new and additional resources, including forestry and investments through international institutions, approaching $30 billion for the period of 2010-2012.

However, it is what many countries say a diluted document on global effort to battle climate change. It asked the developed countries "to implement individually or jointly the quantified economy wide emissions targets for 2020," but the exact figure is left out. The developed countries need to submit their emission reduction targets by January 1, next year.

It also required the developing countries to start their mitigation actions.

Controversy

Despite the fact that the US team insisted that it was an accord that the heads of state and government and ministers "have agreed", many countries noted that it had not gone through the normal procedure of the United Nations.

UN talks operate by consensus. However, US President Barack Obama announced to the media that the deal almost four hours before the draft was sent to the delegates.

When it was tabled for deliberation after midnight Friday, several countries had spoken against the plan. The decision is likely to list the countries that were in favor of the deal and those against.

By noon time, most countries, including Cuba and Sudan on behalf of G77 and China, voiced their willingness to join the accord, even though with strong reservations, hoping that the accord helps move the negotiations forward.