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[Update: I’ve added in analysis of the key text]

With only hours left in the Copenhagen climate treaty talks we have obtained an early version of the final agreement’ draft text.

President Obama’s speech wrapped up a few minutes ago with nothing new announced. But as long as this session continues there remains hope that world leaders can deliver a fair, ambitious and legally binding deal.

Things continue to evolve and according to the draft version of the agreement, the major issue of the amount of greenhouse gas emissions cuts by what year, remains unanswered.

As it stands, the text states:

Annex I Parties to the Convention commit to implement, individually or jointly, the quantified economy-wide emission targets for 2020 as listed yielding in aggregate reductions of greenhouse gas emissions of X per cent in 2020 compared to 1990 and Y per cent in 2020 compared to 2005…

Based on the best scientific research these numbers should be 25-40 percent below 1990 levels by 2020 and by 80-95 percent below 1990 levels by 2050.