President Barack Obama met other world leaders in a last push for a new global climate deal on Friday, after negotiators failed to reach a deal on carbon cuts in all-night talks.

Obama and other leaders tried to muster agreement on central issues from carbon cuts to international scrutiny of climate actions at the U.N.-led talks in Copenhagen.

French President Nicolas Sarkozy, speaking as the meeting broke up, said there was still no deal and Chinese resistance to monitoring of emissions was a sticking point.

Also at the meeting were Chinese Vice Foreign Minister He Yafei, German Chancellor Angela Merkel, Brazilian President Luiz Lula da Silva, Russian President Dmitry Medvedev and Indian Prime Minister Manmohan Singh.

Negotiators from 193 countries reached consensus on financing and on temperature targets. A draft text called for $100 billion a year by 2020 to help poor nations cope with climate change and sought to limit warming to two degrees Celsius compared with pre-industrial levels.

But the all-night meeting broke up in the morning without a deal on the central element of a climate deal -- the timing and degree of cuts in greenhouse gas emissions.

Obama was due to meet Chinese Premier Wen Jiabao later on the sidelines of the talks.

Andreas Carlgren, the environment minister of EU president Sweden, said only the world's two biggest greenhouse gas emitters China and the United States could unlock a deal.

Through the whole process the real problem has been on the one hand the United States, who are not able to deliver sufficiently (and) on the other hand China, and they delivered less. And they have been really blocking again and again in this process, followed by a group of oil states. That's the real difference, the real confrontation behind this, said Carlgren.

At stake is an agreement for coordinated global action to avert climate changes including more floods and droughts.

DESPERATE

Two weeks of talks in the Danish capital have battled intense suspicion between rich and poor countries over how to share out emissions cuts. Developing countries say rich nations have a historic responsibility to take the lead.

Negotiators agreed on an initial draft which called for a two degree Celsius cap on global temperatures, according to a draft document seen by Reuters.

Scientists say a 2 degrees limit is the minimum effort to avoid some of the worst impacts of climate change including several meters sea level rise, extinctions and crop failures.

The Copenhagen draft also proposed $30 billion in climate funds for least developed countries from 2010-2012, and a goal of $100 billion a year funding by 2020 to help developing nations prepare for climate change and cut carbon emissions.

But there was no statement on who would pay the $100 billion or how they would raise the money. And no emissions targets were specified in the draft.

The situation is desperate, said a top Indian negotiator after the earlier, all-night talks.

There is no agreement on even what to call the text -- a declaration, a statement or whatever. They (rich nations) want to make it a politically binding document which we oppose.

The aim of the talks is to agree a climate deal which countries will convert into a full legally binding treaty next year, to succeed the Kyoto Protocol whose present round ends in 2012. The United States never ratified Kyoto, and the pact doesn't bind developing nations.

The draft text foresees continuing negotiations on one or more legal treaties, ending no later than the end of 2010.

(With extra reporting by Alister Doyle, Gerard Wynn, Anna Ringstrom, John Acher, Jeff Mason, Richard Cowan and Emma Graham-Harrison; Writing by Gerard Wynn; Editing by Dominic Evans)

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