The US has reached a “meaningful” consensus with China, India, Brazil and South Africa at the climate conference in Copenhagen, which will become the basis for fighting global warming.

In his address to the conference participants, US President Barack Obama welcomed the agreement but noted there remained “much further to go”.

Earlier, during the wrap-up session, Dmitry Medvedev spoke of Russia’s readiness to make the necessary commitment and to sign a binding agreement.

“Russia is ready to take part in preparing a legally-binding agreement. We will also work towards a 25% cut of greenhouse gases for the period between 1990 and 2020," Medvedev said. "We will do this regardless of whether we can agree on all the details and reach a deal here. We believe other countries should also adopt this approach, as we all have an interest in radically improving the environment.”

Medvdev also underlined that a new comprehensive draft document on international climate cooperation is needed by 2012.

"Before the first phase of the Kyoto Protocol is completed, in other words by 2012, it is necessary to prepare a more advanced and effective mechanism, a viable document that will regulate international co-operation issues," said Medvedev.