The 15th U.N. Climate Change Conference in Copenhagen has failed to produce either a binding agreement or a mandatory greenhouse gas emission reduction target.

Instead, participants are reviewing a nonbinding deal forged by five countries --- including the U.S., China, Brazil, India and South Africa --- that would advise both advanced and developing countries to present targets to reduce greenhouse gas emissions by February first next year.

Developing countries have, on their part, adopted a compromise whereby they would report their greenhouse gas reduction efforts to the U.N. every two years to secure transparency in return for recognition of their sovereignty.

The five-way deal asks developed countries to spend an annual average of 100 billion U.S. dollars to help developing countries counter climate change.

The Copenhagen climate conference opened on December seventh and ended Friday.