President Obama reportedly got off Air Force One and moved immediately into a Heads of State meeting. From there, he moved to address the plenary in what appeared to be a serious, determined and frustrated mood (read full text of his speech here or watch the video). He said he did not come to talk - that he came to act. And that we have to come together to address a common threat.

Obama identified three prerequisites to a successful global accord today:

First, all major economies must put forward decisive national actions that will reduce their emissions, and begin to turn the corner on climate change. I'm pleased that many of us have already done so, and I'm confident that America will fulfill the commitments that we have made: cutting our emissions in the range of 17 percent by 2020, and by more than 80 percent by 2050 in line with final legislation.

Second, we must have a mechanism to review whether we are keeping our commitments, and to exchange this information in a transparent manner. These measures need not be intrusive, or infringe upon sovereignty. They must, however, ensure that an accord is credible, and that we are living up to our obligations. For without such accountability, any agreement would be empty words on a page.

Third, we must have financing that helps developing countries adapt, particularly the least-developed and most vulnerable to climate change. America will be a part of fast-start funding that will ramp up to $10 billion in 2012. And, yesterday, Secretary Clinton made it clear that we will engage in a global effort to mobilize $100 billion in financing by 2020, if - and only if - it is part of the broader accord that I have just described.

Mitigation. Transparency. And financing. It is a clear formula - one that embraces the principle of common but differentiated responses and respective capabilities. And it adds up to a significant accord - one that takes us farther than we have ever gone before as an international community."

The biggest disappointment was that he didn't bring anything new to the table - he reiterated the same position that has been outlined by U.S. negotiators all week, including continuing to propose a U.S. target "in the range of 17%" from 2005 levels by 2020. It is particularly maddening that President Obama and others in the administration continually refuse to specify their baseline -- which is to their strategic advantage since everyone else is using the 1990 baseline and the only industrialized country proposing a lower target than the United States is Canada, whose performance has earned them repeated Fossils of the Day throughout the negotiations. His speech was not well received in the plenary, or in the NGO forum where I am watching it. Indeed, he was booed by the global community.

Meanwhile, a draft of the text of the agreement was leaked and picked up by the press. More on that as soon as I have had a chance to analyze it. The New York Times reports the United Nations Secretariat has "reportedly advised negotiators to extend their stays through Sunday night." So we are unlikely to see a conclusion to this today as originally planned.

Here's the video:

THE WHITE HOUSE
Office of the Press Secretary
FOR IMMEDIATE RELEASE
December 18, 2009

Remarks of President Barack Obama-As Prepared for Delivery Copenhagen Summit

Copenhagen, Denmark
December 18, 2009

Good morning. It's an honor to for me to join this distinguished group of leaders from nations around the world. We come together here in Copenhagen because climate change poses a grave and growing danger to our people. All of you would not be here unless you, like me, were convinced that this danger is real. This is not fiction, this is science. Unchecked, climate change will pose unacceptable risks to our security, our economies, and our planet. This much we know.

So the question before us is no longer the nature of the challenge. The question is our capacity to meet it. For while the reality of climate change is not in doubt, I have to be honest, I think our ability to take collective action is in doubt right now and it hangs in the balance.

I believe we can act boldly, and decisively, in the face of a common threat. That's why I come here today. Not to talk, but to act.

Now, as the world's largest economy and as the world's second largest emitter, America bears our responsibility to address climate change, and we intend to meet that responsibility. That's why we've renewed our leadership within international climate negotiations. That's why we've worked with other nations to phase out fossil fuel subsidies. That's why we've taken bold action at home by making historic investments in renewable energy; by putting our people to work increasing efficiency in our homes and buildings; by pursuing comprehensive legislation to transform to a clean energy economy.

These mitigation actions are ambitious, and we are taking them not simply to meet global responsibilities. We are convinced as some of you may be convinced that changing the way that we produce and use energy is essential to America's economic future that it will create millions of new jobs, power new industries, keep us competitive, and spark new innovation. We're convinced for our own self-interest that the way we use energy is essential to America's national security, because it will reduce our dependence on foreign oil, and help us deal with some of the dangers posed by climate change.

So I want this plenary session to understand: America is going to continue on this course of action to mitigate our emissions and move toward a clean energy economy. No matter what happens here in Copenhagen, we think it is good for us, as well as good for the world. But we will all be stronger and all be safer and all be more secure if we act together. That is why it is in our mutual interest to achieve a global accord in which we agree to certain steps, and to hold each other accountable to certain commitments.

After months of talk, and two weeks of negotiations, after innumerable side meetings, bilateral meetings, endless hours of discussion among negotiators, I believe that the pieces of that accord should now be clear.

First, all major economies must put forward decisive national actions that will reduce their emissions, and begin to turn the corner on climate change. I'm pleased that many of us have already done so. Almost all the major economies have ... and I'm confident that America will fulfill the commitments that we have made: cutting our emissions in the range of 17 percent by 2020, and by more than 80 percent by 2050 in line with final legislation.

Number two. We must have a mechanism to review whether we are keeping our commitments, and exchange this information in a transparent manner. These measures need not be intrusive, or infringe upon sovereignty. They must, however, ensure that an accord is credible, and that we are living up to our mutual obligations. Without such accountability, any agreement would be empty words on a page.

I don't know how you have an international agreement where we all are not sharing information and assuring that we are meeting our commitments. That doesn't make sense. It would be a hollow victory.

Number three. We must have financing that helps developing countries adapt, particularly the least-developed and most vulnerable countries to climate change. America will be a part of fast-start funding that will ramp up to $10 billion in 2012. And, yesterday, Secretary of State Hillary Rodham Clinton made it clear that we will engage in a global effort to mobilize $100 billion in financing by 2020, if and only if it is part of a broader accord that I've just described.

Mitigation. Transparency. And financing. It's a clear formula, one that embraces the principle of common but differentiated responses and respective capabilities. And it adds up to a significant accord, one that takes us farther than we have ever gone before as an international community.

I just want to say to this plenary session that we are running short on time. And at this point the question is whether we will move forward together, or split apart. Whether we prefer posturing to action. I'm sure that many consider this an imperfect framework that I just described. No country will get everything that it wants.

There are those developing countries that want aid with no strings attached, and no obligations with respect to transparency. They think that the most advanced nations should pay a higher price. I understand that. There are those advanced nations who think that developing countries either cannot absorb this assistance, or that will not be held accountable effectively, and that the world's fastest-growing emitters should bear a greater share of the burden.

We know the fault lines because we've been imprisoned by them for years. These international discussions have taken place now for almost two decades. And we have little to show for it other than increased acceleration of the climate change phenomenon.

The time for talk is over. Here is the bottom line: We can embrace this accord, take a substantial step forward, and continue to refine it and build upon its foundation. We can do that, and everyone who is in this room will be part of a historic endeavor, one that makes life better for our children and grandchildren.

Or we can choose delay, falling back into the same divisions that have stood in the way of action for years. And we will be back having the same stale arguments month after month, year after year, perhaps decade after decade, all while the danger of climate change grows until it is irreversible.

Ladies and gentlemen, there is no time to waste. America has made our choice. We have charted our course, we have made our commitments, we will do what we say. Now, I believe it's the time for nations and the people of the world to come together behind a common purpose.

We are ready to get this done today but there has to be movement on all sides to recognize that it is better for us to act than to talk. Better for us to choose action over inaction; the future over the past. With courage and faith, I believe that we can meet our responsibilities to our people, and to the planet.

Thank you very much