Good news and bad news. Although a deal is in the making, many warn that it is not enough.
Experts and observers, including NGOs and faith groups, at the United Nations climate change conference in Bangkok say a deal has been done on ways to combat global warming, despite trenchant opposition by China to policies restricting economic growth.
The areas of dispute included language regarding the Kyoto protocol (about which the US remains skeptical), the true costs of cutting emissions and how they will be borne, and the role of nuclear power.
The third part of this year's assessment from the Intergovernmental Panel on Climate Change (IPCC) looking at ways to curb emissions and the economic factors involved is due to be released later today (4 May 2007).
But environmentalists remain tight-lipped about what is really being achieved in the midst of much political horse trading.
"One direction seems to be that there isn't the investment going into renewable technologies and energy efficiency that's sufficient for them to meet the potential they have to tackle this problem," Catherine Pearce, international climate campaigner with Friends of the Earth UK, told BBC News in Bangkok.
The draft report assesses the likely costs to the global economy of stabilizing greenhouse gases at various concentrations in the atmosphere.
Aiming for a total greenhouse gas concentration equivalent to 650 parts per million (ppm) of carbon dioxide would reduce global Gross Domestic Product (GDP) by about 0.2%, it says, whereas a more ambitious target of 550ppm would cost about 0.6% of global GDP.
The current atmospheric concentration is approximately 425ppm, and many climate scientists now argue that only agreeing to keep below about 450ppm can prevent major climatic consequences.
Read more HERE