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10 December 2010
Last updated at 17:54 ET
The latest negotiating text at the UN climate talks in Cancun, Mexico, appears to hint at a possible compromise to break a stalemate.
Earlier, prospects for a deal appeared to be receding, with nations clashing on future emission commitments.
Japan and Russia were opposed to further cuts under the Kyoto Protocol - a major demand of developing countries.
There were also divisions over a proposed fund to help poor nations deal with climate impacts.
According to the Reuters news agency, the latest draft made a reference to a "second commitment period" of the Kyoto Protocol.
This refers to an extension beyond the framework's first 2008-2012 round, which had been a divisive issue between industrialised and developing nations during the 12-day talks.
However, it still needs to be presented to the plenary of the 190-nation gathering.
Continue reading the main story The money wrangle concerned the proposed "Green Fund" - a vehicle that would gather and distribute funds running to perhaps $100bn (£63bn) per year by 2020.
During overnight discussions into Friday morning, the US, EU and Japan stuck to their line that the World Bank must administer the fund.
For developing countries, this was unacceptable, as they viewed the bank as a western-run institution.
Brazilian negotiator Luiz Figueiredo said Japan and Russia "accept this language, while before they didn't accept it", the AFP news agency reported.
The UK's Climate Secretary Chris Huhne told journalists:"I think we've made good technical progress in terms of finding potential solutions on the Japan, Russia versus second commitment period of the Kyoto Protocol issue."
However, he warned that there was a "real danger" that the annual talks could become a "zombie process" if there was not a successful outcome.
Balancing act
BBC environment correspondent Richard Black, reporting from the summit in Cancun, said the compromise text was a step forward but the talks were still likely to go down to the wire.
"The new document is strong on acknowledging the scale of the problem, but does not commit parties to new measures to curb emissions," he observed.
"It is a very short not-fomally-negotiated bit of text. Some countries are likely to object to the way it's been constructed outside formal negotiations.
"It recognises that developed countries would need to cut their combined emissions by 25-40% below 1990 levels by 2020 in order to meet 1.5C or 2C targets - but does not say how it is to be done."
He added that it "urged" Annex One countries (industrialised nations) to "raise the level of ambition" in order to meet the 25-40% threshold.
Also, he noted that the next text also offered details of a mechanism that could overcome the Japanese/Russian concerns.
"Annex One countries and the US would deposit their emission pledges into the same document - therefore enabling the Kyoto Protocol refuseniks to argue that they were not taking their cuts under the protocol."
Some - especially the Latin American Alba bloc, spear-headed by Bolivia - also object to the Green Fund as currently conceived, because they believe western nations have a duty to pay up from the public purse, whereas the fund calls for money to be raised through levies on carbon trading, taxes on aviation, or other "innovative mechanisms".
Bolivia's hardline stance was not popular with all other developing countries, with Costa Rica saying the nation's delegation were "leading the process to delay the discussion".
A number of world leaders - as many as 20 - scheduled phone calls to Japanese Prime Minister Naoko Kan, in an attempt to get him to soften Japan's position on the Kyoto Protocol.
'Washed away'
UK Prime Minister David Cameron held a conversation with the premier.
Environmental groups took out an advertisement in the UK's Financial Times asking whether Japan's stance meant the Kyoto Protocol had been "washed away" - a reference to the acclaimed Japanese animation Spirited Away.
But Japanese sources said Mr Kan was sticking to his guns.
The government had been pressed by business leaders to hold firm on this issue; and giving ground would be seen as a concession to China at a time when the two countries were clashing over disputed islands and supplies of rare earth elements, a key ingredient of some electronic devices.
It appeared that none of the leaders has put in a call to Moscow, whose opposition to further cuts under the protocol appeared just as solid as Japan's.
India offered beleaguered delegates a ray of optimism by indicating it might be prepared to accept legally-binding constraints on its carbon emissions - but not yet.
However, the meanings of phrases such as "legally-binding" are subject to a range of interpretations, and it is clear that the Indian position will depend on other elements of any final package.
A number of nations wanted the pledges countries made around the time of last year's Copenhagen summit to be "inscribed" into formal UN agreements, so that they could be reviewed and negotiated at a later date.
Several analyses have indicated the pledges do not add up to enough to keep the global average temperature rise since pre-industrial times below the 2C (3.6F) ceiling that many countries regard as the maximum "safe" level, let alone the 1.5C that others demand.
However, it appeared that inscription was being resisted by a number of developed nations. Campaigners cited Canada, Russia and Japan.
The talks were due to conclude at 6pm local time on Friday (0000 GMT Saturday), but look set to continue into the night - possibly beyond.
Rumours suggest the Mexican host government may even call formally for an extra day, but latest estimates are that the decisive final session will get underway at 2200/2300 local time (0400/0500 GMT Saturday).
On other issues, there was a stand-off between Mexico and South Africa - hosts of next year's meeting - as to who should run the UN climate process through next year, with neither apparently keen on the idea.
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Earlier, prospects for a deal appeared to be receding, with nations clashing on future emission commitments.
Japan and Russia were opposed to further cuts under the Kyoto Protocol - a major demand of developing countries.
There were also divisions over a proposed fund to help poor nations deal with climate impacts.
According to the Reuters news agency, the latest draft made a reference to a "second commitment period" of the Kyoto Protocol.
This refers to an extension beyond the framework's first 2008-2012 round, which had been a divisive issue between industrialised and developing nations during the 12-day talks.
However, it still needs to be presented to the plenary of the 190-nation gathering.
Continue reading the main story The money wrangle concerned the proposed "Green Fund" - a vehicle that would gather and distribute funds running to perhaps $100bn (£63bn) per year by 2020.
During overnight discussions into Friday morning, the US, EU and Japan stuck to their line that the World Bank must administer the fund.
For developing countries, this was unacceptable, as they viewed the bank as a western-run institution.
Brazilian negotiator Luiz Figueiredo said Japan and Russia "accept this language, while before they didn't accept it", the AFP news agency reported.
The UK's Climate Secretary Chris Huhne told journalists:"I think we've made good technical progress in terms of finding potential solutions on the Japan, Russia versus second commitment period of the Kyoto Protocol issue."
However, he warned that there was a "real danger" that the annual talks could become a "zombie process" if there was not a successful outcome.
Balancing act
BBC environment correspondent Richard Black, reporting from the summit in Cancun, said the compromise text was a step forward but the talks were still likely to go down to the wire.
"The new document is strong on acknowledging the scale of the problem, but does not commit parties to new measures to curb emissions," he observed.
"It is a very short not-fomally-negotiated bit of text. Some countries are likely to object to the way it's been constructed outside formal negotiations.
"It recognises that developed countries would need to cut their combined emissions by 25-40% below 1990 levels by 2020 in order to meet 1.5C or 2C targets - but does not say how it is to be done."
He added that it "urged" Annex One countries (industrialised nations) to "raise the level of ambition" in order to meet the 25-40% threshold.
Also, he noted that the next text also offered details of a mechanism that could overcome the Japanese/Russian concerns.
"Annex One countries and the US would deposit their emission pledges into the same document - therefore enabling the Kyoto Protocol refuseniks to argue that they were not taking their cuts under the protocol."
Some - especially the Latin American Alba bloc, spear-headed by Bolivia - also object to the Green Fund as currently conceived, because they believe western nations have a duty to pay up from the public purse, whereas the fund calls for money to be raised through levies on carbon trading, taxes on aviation, or other "innovative mechanisms".
Bolivia's hardline stance was not popular with all other developing countries, with Costa Rica saying the nation's delegation were "leading the process to delay the discussion".
A number of world leaders - as many as 20 - scheduled phone calls to Japanese Prime Minister Naoko Kan, in an attempt to get him to soften Japan's position on the Kyoto Protocol.
'Washed away'
UK Prime Minister David Cameron held a conversation with the premier.
Environmental groups took out an advertisement in the UK's Financial Times asking whether Japan's stance meant the Kyoto Protocol had been "washed away" - a reference to the acclaimed Japanese animation Spirited Away.
But Japanese sources said Mr Kan was sticking to his guns.
The government had been pressed by business leaders to hold firm on this issue; and giving ground would be seen as a concession to China at a time when the two countries were clashing over disputed islands and supplies of rare earth elements, a key ingredient of some electronic devices.
It appeared that none of the leaders has put in a call to Moscow, whose opposition to further cuts under the protocol appeared just as solid as Japan's.
India offered beleaguered delegates a ray of optimism by indicating it might be prepared to accept legally-binding constraints on its carbon emissions - but not yet.
However, the meanings of phrases such as "legally-binding" are subject to a range of interpretations, and it is clear that the Indian position will depend on other elements of any final package.
A number of nations wanted the pledges countries made around the time of last year's Copenhagen summit to be "inscribed" into formal UN agreements, so that they could be reviewed and negotiated at a later date.
Several analyses have indicated the pledges do not add up to enough to keep the global average temperature rise since pre-industrial times below the 2C (3.6F) ceiling that many countries regard as the maximum "safe" level, let alone the 1.5C that others demand.
However, it appeared that inscription was being resisted by a number of developed nations. Campaigners cited Canada, Russia and Japan.
The talks were due to conclude at 6pm local time on Friday (0000 GMT Saturday), but look set to continue into the night - possibly beyond.
Rumours suggest the Mexican host government may even call formally for an extra day, but latest estimates are that the decisive final session will get underway at 2200/2300 local time (0400/0500 GMT Saturday).
On other issues, there was a stand-off between Mexico and South Africa - hosts of next year's meeting - as to who should run the UN climate process through next year, with neither apparently keen on the idea.
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