DeSmogBlog has obtained the final negotiating text that will emerge from the Rio+20 Earth Summit  and it is an utter disappointment to anyone who hoped that world leaders would pull together a meaningful global agreement on ending fossil fuel subsidies or other needed steps to protect future generations from resource depletion and global climate change.
Read the final text here: "The Future We Want"[.DOC ] or [.PDF  provided by DeSmog for those without Word]
Update: The Guardian (which first posted the text earlier today) has this summary of the implications :
Barring a last-minute rejection by one of the main negotiating blocks, the draft that will be presented to the 100 leaders attending the summit will contain almost no timetables, definitions or ways to monitor new sustainable development goals, nor will it strongly commit nations to move to a "green economy" that integrates environmental and social costs into decision-making.
Instead, civil society groups say the new text simply acknowledges the world's dire environmental and social problems without spelling out how to deal with them.
Read the early reactions to the final text below from Greenpeace and WWF.
WWF: Rio+20 Negotiating Text is Colossal Failure of Leadership and Vision 
WWF Director General Jim Leape today issued the following statement on the negotiating text released this morning by Brazil:
“Despite a late night negotiating session, the revised text is a colossal failure of leadership and vision from diplomats. They should be embarrassed at their inability to find common ground on such a crucial issue.
“Now it’s up to world leaders to get serious about sustainable development and save this process. If they approve what’s on the table now without significant changes, they’ve doomed Rio+20 to ridicule.
“While some weak words have been removed, diplomats have swapped them with toothless language. This includes tongue twisters like ‘commit to the progressive realization’ and several promises to ‘recognize’ problems and solutions.
“They’ve added some positive actions around oceans protection. But, the text has lots of words that ‘commit’ parties to nothing – such as ‘commit to promote’ and ‘commit to systematically consider.’”
“Two years and one late night of negotiations later, diplomats in Rio are letting the world down.
“We’re hoping that doesn’t happen for all the hard work that’s been leading up to this moment, and more importantly for the health of the people and the planet.
“World leaders ‘recognized’ problems 20 years ago, and they’ve done little about them since. How long are we going to accept ‘we’ll look into it’ as a solution?”
Greenpeace reaction statement to late close of Earth Summit :
Kumi Naidoo, Greenpeace International Executive Director said:
“The future we want has gotten a little further away today. Rio+20 has turned into an epic failure. It has failed on equity, failed on ecology and failed on economy.”
“We were promised the 'future we want' but are now being present with a 'common vision' of a polluter’s charter that will cook the planet, empty the oceans and wreck the rain forests.“
“This is not a foundation on which to grow economies or pull people out of poverty, it’s the last will and testament of a destructive twentieth century development model.”
"The only sensible thing left on the table until today was the launch of an Oceans Rescue Plan for the High Seas. This too has now been killed by the US, Canada, Russia and Venezuela who want to mine the seas for private profit with impunity and exploit the resources that belong to all humanity.”
“World leaders will begin to descend on Rio today and we have to ask why? We were promised a green economy, the Future we Want, but all we can look forward to is three more days of Greenwash.”
“From the G20 to Rio+20 this is not a good week for people and the planet. While billions are being spent bailing out banks and billions more on subsidising the fossil fuel industry, its clear whose agenda our leaders are following, that of business as usual of polluting corporations.”