Time Is Running Out for Climate Change Accord, U.S. Negotiator Says

The chief negotiator for the U.S. at the climate summit in Copenhagen says leaders have made progress this week, but that time is running out to establish an international deal as the clock ticks down on the contentious conference.

"We don't have very much time," said Todd Stern. "The clock is ticking it like a big hourglass. We've made some progress, but we still have a long way to go."

A major rift has emerged between rich and poor nations over how to tackle issues like deforestation -- and especially over proposed schemes that would redistribute billions of dollars in aid and climate-control payoffs.

The United States is considered the bogeyman at the climate convention of 193 nations, because like China, the U.S. will not agree to binding commitments.

Although President Obama has agreed to cut CO2 emissions by four percent over the nation's 1990 level, China has only agreed to cut the rate of increase in its emissions, not to cut the emissions themselves.

Obama will arrive in Copenhagen at the end of the week as 120 world leaders converge on the Danish capital for the close of the two-week conference.