No U.N. deal on carbon cuts, last day of talks

Two years of U.N. climate talks reached their climax in Copenhagen on Friday without a deal on carbon emissions cuts, as world leaders attempted a last push to agree a new global climate pact.

"There are deep differences in opinion and view on how we should solve this. We'll try our best, until the last minutes of this conference," said Swedish Prime Minister Fredrik Reinfeldt after overnight talks ended.

Negotiators agreed an initial draft which called for a two degree Celsius cap on global temperatures, and at least $100 billion in aid for poor nations, sources said.

But the meeting broke up without a deal on the central element of a climate deal – the timing and degree of cuts in greenhouse gas emissions.

"It's still not there, it's confusing," said a senior European negotiator after the overnight talks ended.

"The situation is desperate," said a top Indian negotiator emerging from overnight talks to agree a text that could form the basis of a political statement at the end of the Copenhagen negotiations.

"There is no agreement on even what to call the text – a declaration, a statement or whatever. They (developed nations) want to make it a politically binding document which we oppose."

Another developing countries negotiator told Reuters that rich nations were offering to cut their carbon emissions by 80 percent by 2050, a proposal that had been rejected by developing nations.

There seemed to be broad agreement on limiting the rise of global temperature below 2 degree Celsius from pre-industrial era levels. Any final outcome could also include $30 billion in climate funds for least developed countries over and above a possible $100 billion a year funding by 2020.