The European funding, to be spent over three years, ramps up pressure on rich countries to do more at the summit where a text of a draft statement sets a target of limiting global warming to 1.5 or 2.0 degrees Celsius (2.7 or 3.6 degrees Fahrenheit).

"The fact that Europe is going to put a figure on the table will, I think, be hugely encouraging to the process," said UN climate chief Yvo de Boer. "We will then have to see what other rich countries are going to put on the table."

Britain is pledging 1.2 billion pounds (1.3 billion euros, two billion dollars) -- more than any other EU member state -- despite its worse recession in decades.

But Swedish Prime Minister Fredrik Reinfeldt, whose nation holds the rotating EU presidency, acknowledged that the 7.2 billion euros was "a combination of new and old resources" -- confirming environmentalists' fears about the true extent of the initiative.

"Short-term funding is necessary but there is a risk that this will be used to greenwash an outcome which is weak and doesn't have any structural needs-based funding," Greenpeace EU campaigner Joris den Blanken said.

China expressed scepticism, too, saying three years is too small a time frame to be significant.

"It will be relatively easy for developed countries to come up with a number for the short term for three years. But what shall we do after three years?" asked Chinese vice foreign minister He Yafei in Copenhagen.

Rival blocs of negotiators -- from highly vulnerable poor countries, emerging giant economies and rich nations -- meanwhile wrangled over a seven-page draft text that promptly met with US objections.

Besides setting a target for limiting global warming, the blueprint calls for a second commitment period under the Kyoto Protocol, never ratified by the United States, which expires in 2012.

The text says: "Parties shall cooperate to avoid dangerous climate change, in keeping with the ultimate objective of the Convention, recognizing [the broad scientific view] that the increase in global average temperature above pre-industrial levels ought not to exceed [2 C] [1.5 C]."

The lower target is embraced by small island states and many African nations badly threatened by climate change, while the higher target has been supported by rich nations and emerging giants such as China, India and Brazil.

While the draft is "constructive" in many respects, said chief US negotiator Todd Stern, emerging economic powers are not being pressed hard enough to slash their carbon output -- and on that point the text is "unbalanced".

"If we are talking about the need to keep the temperature increase below 2.0 C [3.6 F] rise ... you can't even have that discussion if the major developing countries are not taking a major role," Stern told reporters.

"The United States is not going to do a deal without major developing countries stepping up," he added.

The draft text also leaves open three possible targets for an overall reduction of global carbon emissions by 2020, compared with 1990 levels -- by 50 percent, by 80 percent and by 95 percent.

Industrialised countries favour the 50 percent goal, while major emerging economies led by China have balked at any such target unless it is made clear that rich countries will assume the near totality of the burden.

But it was vague on climate funding. Nor does it spell out a deadline for concluding a treaty that would be legally binding on the 194 nations that are parties to the UN Framework Convention on Climate Change.

Danish police meanwhile beefed up security ahead of a major demonstration on Saturday that is expected to draw tens of thousands of protesters.

A march organised by 515 organisations from 67 countries will cross the capital to the Bella Centre, where the climate talks are unfolding.

"We know from experience that some destructive elements will infiltrate the demonstration," Copenhagen police spokesman Flemming Steen Munch told AFP.

Sixty-eight Danes and foreigners were taken into custody "as a preventive measure" on suspicion they might try to break the law, police said.

In the first protest since the conference began on Monday, around 500 young people joined an unauthorised march through Copenhagen on Friday to denounce the role of global corporations at the talks.

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