COPENHAGEN, Denmark (CNN) - President Obama is in the final stages of closing a climate change deal with China and other key nations that is expected to be sealed before the president heads home from the Copenhagen summit late Friday, according to a senior administration official.
A second source, an administration official as well, adds that the president is about to announce a "meaningful agreement."
This official acknowledged that "it's not sufficient to combat the threat of climate change but it's an important first step."
The first official told CNN Obama was going over an "approved text" with Chinese officials that would set a non-binding goal of reducing the Earth's temperature by 2 degrees Celsius over the next decade.
The second official added: "We entered this negotiation at a time when there were significant differences between countries. Developed and developing countries have now agreed to listing their national actions and commitments, a finance mechanism, to set a mitigation target of 2 degrees Celsius and to provide information on the implementation of their actions through national communications, with provisions for international consultations and analysis under clearly defined guidelines."
The second official concluded: "No country is entirely satisfied with each element but this is a meaningful and historic step forward and a foundation from which to make further progress. We thank the emerging economies for their voluntary actions and especially appreciate the work and leadership of the Europeans in this effort."