Leaders and representatives of 27 countries produced a draft agreement which promises maximum temperature rise of 2 degree above pre-industrial levels and money for developing countries.

Representatives from the countries including Germany, Bangladesh, Brazil, the Maldives, the US, South Africa and Spain have met overnight and hammered out a draft proposal to be presented to the 119 heads of state and government when they meet today on the final day of the UN climate summit in Copenhagen.

The late-night meeting took place after the Danish Queen Margrethe's dinner in the city and was led by the European Union. UN general secretary Ban Ki-moon, European Commission President José Manuel Barroso and COP15 President Lars L?kke Rasmussen were at the meeting.

As a result of that meeting, a draft covering all areas of the negotiations has been produced. Its main proposals are that developed nations give $100 billion a year from 2020 to the developing nations and that global temperatures do not rise by more than 2 degree above pre-industrial levels.