Late yesterday, US president, Barack Obama and the Chinese president, Hu Jintao, issued a joint statement on climate change. The statement was much awaited. It was believed that President Obama on his maiden visit to the region would get the Chinese to change their position on climate change.

It is now more or less clear that the world will not be ready with an ambitious legally binding agreement at Copenhagen, which sets interim targets for industrialized countries or the funds and technology for participation of developing countries. Already the Kyoto Protocol, which sets binding targets for the industrialised countries is being bashed.

Let me be straight: As the clocks ticks to Copenhagen, how low is the world prepared to prostrate to get climate-renegade US on board? Is a bad deal in Copenhagen better than no deal?