Breaking news: India, China walk out of climate summit: Report

India and China have taken a united stand and walked out of the climate summit as Copenhagen talks fail.

Tensions prevailed at the climate talks at Copenhagen today, as Indian prime minister Manmohan Singh and China premier Wen Jiabao walked out of the summit along with their respective delegations, as talks failed.

The principle of common but differentiated responsibility must be adhered to and developed countries must honour their commitments, Chinese premier Wen Jiabao said at the climate meet.

He also said that China takes the issue of climate change "very seriously", and regards it as an important strategic task. He vowed that China will not only achieve but exceed its voluntary climate action targets.

US president Barack Obama says at the Copenhagen meet, "It is in our mutual interest to achieve a global climate accord. There is no time to waste, we should act, not talk."

Obama said he was all for a mechanism to monitor emission reduction actions, exchange of information and transparency. He added that this should not be intrusive or impinge upon sovereignty.

Obama said finance to developing nations is a must, and referred to America's pledge to raise USD100 billion by 2020, but he asserted that it will be done "only if" it is part of a broader accord. "Mitigation, transparency, finance – it is a clear format," he concluded.

Prime minister Manmohan Singh in his speech said, "Parties to Kyoto Protocol should deliver on their commitments for emission cuts." He added, "India has vital stake in the success of negotiations, as we are likely to be among the most affected by climate change."

The prime minister promised that India will deliver on its voluntary target of reducing the emission intensity of GDP growth by around 20% by 2020, as compared to 2005, regardless of the outcome of the Copenhagen Conference.

"We can do even more if a supporting global climate regime is in place," he said.

He concluded, "We have a difficult task ahead of us. I hope we will play a positive and constructive role so that we bridge our differences and come out with a balanced and an equitable outcome in the coming years. India will not be found wanting in this."