There are hints in the final hours of the Cancun climate conference that modest resolutions could result, but as of 5 p.m. no sweeping changes were in store. Even the issue that seemed to have the best shot at succeeding - protecting forests - appeared to be lagging.

A draft text over REDD (Reducing Emissions from Deforestation and Forest Degradation) has been prepared, but CNN is reporting a lackluster response to it, in part because some nations fear the specter of land grabs to capitalize on a proposed carbon market.

There is hope that feverish negotiations through the night will lead to accords on a proposed Green fund to help developing nations fight global warming, extension of the Kyoto Protocol beyond 2012 and emissions monitoring. Deadlocks had stalled progress, but late Friday afternoon there were hints of possible compromises on Kyoto and other aspects.

It could be that the 2010 conference will be best remembered for the rising profile of big business. Corporate America is flexing its muscles and taking a leadership role in climate change.

That could be good or bad, as this New Republic story points out. As the story suggests, if world leaders can't agree on how to cut carbon emissions, maybe business will.

The next few hours will tell the story of climate talks 2010.

(photo by climatechangesocialchange)