What would a failure to reach an agreement in Copenhagen mean?

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Copenhagen conversations
Towards an agreement?
What would a failure to reach an agreement in Copenhagen mean?
AWG - LCA: The basics of the 1st official draft on climate deal
Copenhagen Accord - New draft for Copenhagen Deal
Copenhagen as a forum for a "politically binding" agreement
Should there be a new agreement?
The Africa Union Proposal (Meles Zenawi)
Complete negotiations or agree to adopt legally-binding outcome later
Emissions cuts offered so far lead to temperature rising by 3 degrees
The deadline for a binding international treaty is Mexico in Dec 2010
Treaty could be wrapped up at talks in Bonn by mid-2010
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